News & Reports News Year 2011 May , 2011 Crude prices continue to surge

Crude prices continue to surge

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Crude oil prices have passed 114 dollars a barrel for the first time in 31 months, posting the eighth consecutive monthly rise.

New York's light sweet crude for delivery in June hit $114.18 a barrel minutes before the market closed on Friday, AFP reported.

Experts believe the surge, the highest peak since September 22, 2008, is due to dollar's continuing slide against other major currencies.

The West Texas Intermediate contract finished at $113.93 a barrel, up $1.07 from Thursday's closing, and Brent North Sea crude
for June delivery rose to nearly $126 a barrel in London.

The price of the New York benchmark also climbed 6.7 percent against the month of April, and about 25 percent since the beginning of the year.

Both US and Brent crude bounced from early dips after data indicated that inflation in the eurozone rose above the European Central Bank's speculations in April.

Eurozone inflation rose to 2.8 percent in April from 2.7 percent in March, according to a first estimate from the European data agency Eurostat.