Oil trades at record high above $120 US a barrel
Last Updated: Monday, May 5, 2008 | 3:13 PM ET
CBC News
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Oil prices hit an all-time high, above $120 US a barrel, in frenzied trading Monday as the U.S. dollar weakened and rebel attacks in Nigeria raised supply worries.
The crude futures contract for June delivery went as high as $120.32, eclipsing the previous intraday high of $119.93 set on April 28.
The oil contract ultimately ended Monday up $3.65 at $119.97 a barrel.
A weekend attack by Nigerian rebels on an oil facility was a big reason for crude's renewed strength. But traders also cited a U.S. dollar that was broadly weaker against other currencies.
Rising crude prices helped boost the Canadian dollar by more than half a cent to 98.68 cents US. The loonie often rises in value when commodities rise, as Canada is a big net exporter of oil and other commodities.
Gold futures jumped $16.10 to close at $874.10 US an ounce. Natural gas, copper and silver futures also rose.
The TSX energy sub-index was up 1.4 per cent.
CIBC World Markets issued an updated Canadian portfolio forecast Monday that boosted its exposure to energy stocks. Chief economist Jeff Rubin raised his forecast for oil prices, saying they will average $130 US a barrel in 2009.
Gasoline prices in both Canada and the U.S. are at or near record highs in many areas. There are forecasts that the average price of a litre of regular gas will hit $1.30 to $1.40 a litre in Canada once the summer driving season begins.
The average price in Canada on Monday was just over $1.26 a litre, according to Gasbuddy.com.
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