Crude oil prices hit $108 per barrel in New York

Crude prices hit 108 dollars

www.chinaview.cn 2008-03-11 02:51:38

NEW YORK, March 10 (Xinhua) --

Crude oil futures surged above 108 U.S. dollars a barrel Monday on weak dollar and expectation that Fed would cut interest rates again.

Light, sweet crude for April delivery rose 2.70 dollars to 107.85 dollars on the New York Mercantile Exchange after earlier setting a new trading record of 108.17 dollars.

The dollar fluctuated against the euro on Monday, while many investors believe the greenback is likely to keep falling as the Fed continues to cut rates.

Other energy futures also rose Monday. April heating oil futures rose 3.07 cents to 2.9777 dollars a gallon while April gasoline futures rose 1.57 cent to 2.71 dollars a gallon.

In London, Brent crude futures rose 1.79 dollars to 104.17 dollars a barrel on the ICE Futures exchange.

Editor: Yan Liang

For a background, see:

The Sean Hewitt Testimony of How Powerful People Have Been Making Fortunes in Crude Oil Trading By Hassan El-Najjar

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