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| Oil cools after vaulting to $135 | Oil cools after vaulting to $135 |
| (30 minutes later) | |
| Oil prices were well off their peak of $135 a barrel on Friday as investors cashed in on five sessions of rises. | Oil prices were well off their peak of $135 a barrel on Friday as investors cashed in on five sessions of rises. |
| US sweet light crude surged to $135.09 on Thursday, before tumbling to close at $130.81 - the first drop in five days. London Brent also fell. | US sweet light crude surged to $135.09 on Thursday, before tumbling to close at $130.81 - the first drop in five days. London Brent also fell. |
| But supply worries meant that prices once again found some support in Asian trade on Friday. | But supply worries meant that prices once again found some support in Asian trade on Friday. |
| US crude rose 47 cents to $131.28 amid fears over the effects of higher prices on the world economy. | US crude rose 47 cents to $131.28 amid fears over the effects of higher prices on the world economy. |
| Oil prices have risen about 40% this year, having a punishing effect on the cost of fuel and food. | Oil prices have risen about 40% this year, having a punishing effect on the cost of fuel and food. |
| HAVE YOUR SAYThe price of gas is much more than the American people can afford.Lee, Phenix City, AlabamaSend us your comments | |
| "Supplies not growing is still the main thing," said Tony Nunan, risk management executive at Tokyo-based Mitsubishi Corp. | "Supplies not growing is still the main thing," said Tony Nunan, risk management executive at Tokyo-based Mitsubishi Corp. |
| "Opec can turn the tap but they cannot do it forever, and non-Opec growth is not enough," he added. | "Opec can turn the tap but they cannot do it forever, and non-Opec growth is not enough," he added. |
| At the same time, demand has been strong as emerging economies such as show no signs of needing less energy to power their growth. | At the same time, demand has been strong as emerging economies such as show no signs of needing less energy to power their growth. |