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Oil nears $126 per barrel ahead of US driving season

Oil prices neared $126 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities, according to the Associated Press.

Light, sweet crude for June delivery rose to a record $125.98 a barrel in electronic trading on the New York Mercantile Exchange near midday before falling back to $125.75, up $2.06 on the day, by the afternoon in Europe.

On Thursday, the contract rose to a record close of $123.69 a barrel.

Posted by Peter C. T. Elsworth  at 9:43 AM to Crude oil market | Permalink

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