Oil hits record 107.85 dollars
Oil prices hit a record high 107.85 dollars on Monday as the White House announced that US Vice President Dick Cheney will head to OPEC kingpin Saudi Arabia next week to seek increased production.
Oil prices rose to an intraday trading record above $112 a barrel Tuesday as the US dollar fell against the euro and crude oil shipments along one US pipeline were said to be operating below capacity.Light, sweet crude for May delivery on the New York Mercantile Exchange rose to an intraday record of $112.80 a barrel in electronic trading by early afternoon in Europe, well above the previous trading high of $112.21 set last week.