Singapore: Oil prices rose again, trading above $140 after a weaker US dollar and world political tensions pushed them to record highs, analysts said.
New York’s main oil futures contract, light sweet crude for August delivery, traded 55 cents higher at $140.55 a barrel after touching a record $143.67 in volatile trade yesterday at the New York Mercantile Exchange.
The contract closed down 21 cents at $140.00 in New York.
Brent North Sea crude for August delivery reached a historic peak of $143.91 a barrel before settling down 48 cents at $139.83 yesterday in London.
Global oil prices have doubled in the past year and have continued to soar since they breached $100 for the first time at the start of this year, triggering fears over inflation and slower economic growth.