11 july:Oil prices hit fresh record high on Friday boosted by weakness in the dollar and simmering tensions over key producer Iran which pushed the London Brent contract above USD 147 while Sensex sheds 450 points.
Brent North Sea oil for August delivery jumped as high as USD 147.25, beating the previous record of USD 146.69 set on July 3.New York’s main oil contract, light sweet crude for August, hit another record peak of USD 146.90 dollars after breaching USD 146 for the first time.
The oil price jumped back into record territory after the European single currency leapt as high as USD 1.5868 in afternoon trading today.The weak dollars boosts demand for dollar-priced oil which becomes cheaper for buyers using stronger currencies, analysts said.
Oil also found solid support as traders monitored the latest newsflow on Iran.The European Union expressed concern today after Iran test-fired missiles and said the tests would compound worries over its nuclear ambitions, a statement from the French EU presidency said.
The 27-nation EU called on Iran to negotiate an end to the standoff over its suspect nuclear activities after Tehran tested several missiles, including one said to be capable of striking Israel.Courtsey DD NEWS