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Oil hits record $120.93 on fear of tight supply

VIENNA, Austria -- Oil futures rose to an all-time high near $121 a barrel Tuesday with new concerns about a threat to supply and a weaker dollar, according to the Associated Press.

The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.

Posted by Peter C. T. Elsworth  at 9:55 AM to Crude oil market | Permalink

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