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Oil prices shoot past to new record above $135 on weaker dollar and prediction of price spike

Oil prices shoot past to new record above $135 on weaker dollar and prediction of price spike

Oil prices have surged up more than $8 to new record high above $136 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July.
A falling dollar and growing tensions in the Middle East are also pushing prices higher.
Light, sweet crude for July delivery has traded as high as $136.62 on the New York Mercantile Exchange. Prices hit a previous record of $135.09 a barrel on May 22.
This latest surge is building on a $5.49 gain Thursday, which was the biggest single-day price increase in the history of the Nymex crude contract.


Updated : 2020-12-05 02:57 GMT+08:00