BackOil surges past $141 a barrel mark
Oil surges past $141 a barrel mark
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AFP
Singapore: World oil continued higher on 30 June, trading above $141 a barrel following fresh records.
New York’s main oil futures contract, light sweet crude for August delivery, rose $1.38 a barrel to $141.59 a barrel in morning Asian trade.
The contract closed on Friday in New York at a record $140.21 after touching a peak of $142.99 in intraday trade.
Brent North Sea crude for August delivery gained $1.22 a barrel to $141.53. It had closed Friday in London at a record $140.31 after reaching an intraday record of $142.97.
The jump in oil prices, which have doubled in the past year, has sparked protests by consumers and workers around the world, and fears for economic growth.
Record-breaking prices provide the backdrop for the World Petroleum Congress of key industry players which began in Madrid on Sunday night.
Dominating the agenda during the four-day congress, held every three years, will be the hot topics of safeguarding world oil supplies, balancing supply and demand, the fragile state of reserves and the sudden jump in the price of refined products.
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