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Oil price hit new record high of almost $126 a barrel

May 9 2008 by Tony McDonough, icNorthWest

Oil prices are at a new record of nearly 126 US dollars a barrel today as a weakening US dollar and supply concerns boost prices.

Light sweet crude for June delivery rose as high as 125.98 in New York, with Brent crude soaring above 124 dollars a barrel in London.

Oil’s record run has seen prices jump by nearly 30% since the start of the year, and more than double during the 12 months.

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