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Oil rises more than $10 to new record high
NEW YORK (AP) - Oil prices have shot up more than $10 to a new record above $138 a barrel after a Morgan Stanley analyst predicted prices could hit $150 by the Fourth of July. Traders were also rattled by rising tensions in the Middle East.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The meteoric surge builds on a huge jump on Thursday and sets the stage for the biggest two-day gain in the history of the New York Mercantile Exchange. A further weakening of the dollar helped keep prices high.
Light, sweet crude for July delivery jumped as high as $138.36 on the Nymex, then eased to $137.81, up $10.02.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
