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Crude oil near new highs above $124 in Asian trade
Fri, May 9 2008, 02:27 GMT
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SINGAPORE (Thomson Financial) - Crude oil traded near new all-time highs above $124 on Friday after the OPEC cartel insisted the market is well supplied and being driven by speculators.
New York's main oil futures contract, light sweet crude for June delivery, rose 61 cents to
$124.30 a barrel in Asian trade after closing at a record $123.69 on Thursday at the New York Mercantile Exchange.
In after-hours deals, the New York futures contract soared to an all-time high of $124.57.
Brent North Sea crude for June delivery was 64 cents higher at $123.48 a barrel.
In London on Thursday the contract crossed $123 for the first time and jumped to a new
intraday peak of $123.87 before settling at a record $122.84.
Abdalla Salem El-Badri, secretary general of the Organization of the Petroleum Exporting
Countries (OPEC), said on Thursday that there was no shortage of crude oil, brushing aside U.S. calls for higher output to dampen runaway prices.
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The price of oil per barrel has risen to a new all time high. During trading in Asia and in London, England the price of NYMEX Crude oil futures, per barrel, was at US$124.34 (22:07 eastern time) setting a new record high. Brent Crude oil also hit a new record high of US$122.84, but soon retreated to $121.79.

inflation). 
Several factors, including a weaker U.S. dollar and worries on the world supply, have caused the price of oil to skyrocket in the past week.

Despite worries, OPEC states that supply is currently meeting the current demands and there is currently no shortage of oil.

"There is clearly no shortage of oil in the market. OECD commercial oil stocks remain above the five-year average, with days of forward cover at a comfortable level of more than 53 days. US crude inventories, meanwhile, rose by almost six million barrels last week, which is a further indication that oil supplies are plentiful," stated OPEC in a statement on its website.