Oil hits $135 a barrel on new supply concerns
By PABLO GORONDI, Associated Press Writer
Oil prices rose above $135 a barrel for the first time Thursday, with supply worries, global demand and an ever weakening U.S dollar driving crude futures up.
The world’s top energy watchdog is preparing a sharp downward revision of its oil-supply forecast, according to a report in The Wall Street Journal.
Light, sweet crude for July delivery rose as high as $135.09 before falling back slightly. By midday in Europe, the contract stood at $134.37 a barrel in electronic trade on the New York Mercantile Exchange, up $1.20 on Wednesday’s close of $133.17.
That settlement price, up $4.19 on Tuesday’s close, marked NYMEX crude’s largest one-day price advance since March 26.
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