New record as oil passes $127
BBC News [UK]Posted: May 16th, 2008 by Thomas L. Knapp
“Oil prices have hit a record high above $127 a barrel on speculation that China will need to import more fuel, stretching global supplies. With more energy needed to rebuild areas devastated by the earthquake earlier this week, US light sweet crude jumped to $127.43 a barrel. Prices were also supported by Goldman Sachs forecasting that oil would reach $141 a barrel later this year. London Brent crude also climbed, touching $125.82 a barrel.” (05/16/08)
