Oil surpasses $125 per barrel

Posted by Kris | Friday, May 09, 2008 | | 0 comments »

Oil prices surpass $125 a barrel before US driving season as investors flee the dollar

Oil prices surged past $125 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities.

Light, sweet crude for June delivery rose as high as $125.12 a barrel in electronic trading on the New York Mercantile Exchange at midday before falling back to $124.86 by early afternoon in Europe.

With oil at these prices, the prices at Wall Street managed to hold herself pretty well. But for how long?? Gold should be on the rise again in the matter of time as oil is soaring to new heights. Alot of local investment banks like Public Bank, UOB are starting to offer investors a chance to invest in funds that is gold related.