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| Version 1 | Version 2 |
|---|---|
| Weak dollar pushes oil above $130 | |
| (about 1 hour later) | |
| Oil prices have hit another intra-day high, breaching $130 a barrel for the first time, on increased concerns about supply and the weaker dollar. | |
| Light, sweet crude for delivery in July hit a peak of $130.47 a barrel before falling back to $129.71. | |
| Meanwhile, oil for delivery in 2016 was approaching $140 - suggesting that this is the price firms expect to be paying in eight years' time. | |
| Two weeks ago, Goldman Sachs said that a barrel could fetch $200 by 2010. | Two weeks ago, Goldman Sachs said that a barrel could fetch $200 by 2010. |
| In recent weeks, the rise in the oil price has been attributed to nerves about supply. | In recent weeks, the rise in the oil price has been attributed to nerves about supply. |
| China factor | China factor |
| However, the dollar weakness is also driving the oil price higher as investors look to buy commodities as a hedge against the currency, observers say. | However, the dollar weakness is also driving the oil price higher as investors look to buy commodities as a hedge against the currency, observers say. |
| "We've seen an about-face turn on the dollar in the last couple of days," said Mark Pervan, a Melbourne-based senior commodity strategist at ANZ Bank. | "We've seen an about-face turn on the dollar in the last couple of days," said Mark Pervan, a Melbourne-based senior commodity strategist at ANZ Bank. |
| "It looked like it was starting to recover, but I think there's a less certain outlook at the minute." | "It looked like it was starting to recover, but I think there's a less certain outlook at the minute." |
| Speculation that China would need to import more fuel in the aftermath of the earthquake there is also supporting prices, analysts say. | Speculation that China would need to import more fuel in the aftermath of the earthquake there is also supporting prices, analysts say. |
| Other factors thought to be spurring the oil price include the limited supply of refined products such as diesel ahead of the US driving season. | Other factors thought to be spurring the oil price include the limited supply of refined products such as diesel ahead of the US driving season. |