Oil futures over $122 per barrel

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Source: CCTV.com | 05-07-2008 15:51

Oil futures have blasted to a new record -- over 122 US dollars a barrel. They gained momentum on Tuesday, as investors bought on a forecast of much higher prices and on any news hinting at supply shortages.

Oil futures have blasted to a new record -- over  122 US dollars a barrel.(CCTV.com)

Analysts say predictions that oil prices could rise to 200 US dollars within two years seemed to motivate much of Tuesday's buying. A falling dollar and increasing concerns about declining crude production in Mexico and Russia also contributed. But some say that although the market seems to have a mind of its own right now, prices will not escalate to 200 US dollars a barrel.

Editor:Zhang Jia