Oil Hits $126 A Barrel; £2.00 Per Litre By 2009!! - 9th May 2008 9:33pm
Originally Posted by BBC News
Crude oil prices have hit yet another all-time high in New York, tipping beyond $126 a barrel.
Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.
Meanwhile, London's Brent crude also hit a fresh high of $125.68, before later falling below $125.
A report by Goldman Sachs has said the price of crude oil could reach $200 a barrel in as little as six months.
Despite the continuing rises in oil prices, producers group Opec reiterated its view on Thursday that supplies were adequate for the time being.
Driven by surging demand and continuing supply fears, US light crude hit $126.20 in afternoon trade in New York, before falling to $124.78 a barrel.
Meanwhile, London's Brent crude also hit a fresh high of $125.68, before later falling below $125.
A report by Goldman Sachs has said the price of crude oil could reach $200 a barrel in as little as six months.
Despite the continuing rises in oil prices, producers group Opec reiterated its view on Thursday that supplies were adequate for the time being.
Ouch... diesel is going to hit £2.00 per litre by the end of the year and petrol is likely to follow it closely according to the peeps on Transaction.
This is getting out of hand!
BBC News Report