Oil hits $126.20 a barrel

Source: CCTV.com | 05-10-2008 09:47

US stock markets ended lower on Friday as oil prices soared into uncharted territory and set a record at 126.2 US dollars a barrel.

US crude futures jumped 2.27 US dollars a barrel, closing at 125.96 US dollars. It was the fifth record high in five days. Reasons for the continued rise include geopolitical tensions in Nigeria, Venezuela, and Iran; increased oil consumption of emerging nations such as India; and a weak American dollar.

Meanwhile, many investors are wondering whether a possible confrontation between the US and Venezuela could cut exports from the OPEC member.

Editor:Liu Fang