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Crude surpasses $127 as speculators flee weaker dollar
Posted on May 16, 2008
Light, sweet crude for June delivery on the New York Mercantile Exchange rose as high as $127.82 a barrel, before retreating to $127.55. The previous high for oil was $126.98 a barrel set on Tuesday. AP reports: Pushing prices higher were speculation China's demand for diesel needed to fuel its power plants would rise due to reconstruction efforts after this week's earthquakes and an upward revision of an oil price forecast by investment bank Goldman Sachs from $107 to $141 a barrel for the second half of the year. However, today s rally is mostly dollar related. The dollar decreased 0.6% t...
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