Crude Oil Prices Approach $120 Per Barrel, On Weak Dollar, Supply Concerns

Crude futures approach to 120 dollars on weak dollar, supply concerns

www.chinaview.cn 2008-04-23 00:18:44
NEW YORK, April 22 (Xinhua) --

Crude futures approached to 120 U.S. dollars a barrel Tuesday on weak dollar and supply concerns.
Light, sweet crude for May delivery rose 2.01 dollars to 119.49 dollars on the New York Mercantile Exchange after hitting a new intraday high of 119.74 dollars.
Editor: Yan Liang

OPEC daily prices approach $109

www.chinaview.cn 2008-04-22 18:29:49
VIENNA, April 22 (Xinhua) --

The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) on Monday reached a new peak of 108.93 U.S. dollars per barrel (dpb), said the Vienna-based cartel Tuesday.
    The prices boosted up over 4.7 percent in one week, set six records in six consecutive trading days.
    OPEC officials said last weekend that the prices would keep rising mainly due to the weak dollars. But they insisted that the market was well-supplied and there was no need for an immediate output increase.
    Meanwhile, Mahmoud Ahmadinejad, president of OPEC's No. 2 producer Iran, said last Saturday that the current oil price was too low and "should find its real value."
    The current average daily output of OPEC remains 3.1 million barrels and the organization has thrice refused to increase output since last December.

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