Record oil prices in Asian trading
 09 May 2008
Oil prices have climbed still higher this week, reaching a record $124.73 (£63.82) a barrel in early Asian trading on Friday.
The price of oil has soared over the past week around the world, repeatedly reaching record levels, amid global supply and demand concerns.
A further weakening of the US dollar against other currencies pushed the price of US light crude up in Asian markets.
Investors are choosing to place their cash in oil markets, as stock markets feel the full effects of the global credit crunch.
A row between the US and Iran over nuclear power, clashes between Turkish forces and Kurdish insurgents in northern Iraq and attacks by militia groups in Nigeria against oil supplies have all helped to fuel oil prices.
Experts believe that oil prices will continue to increase amid predictions of high demand during the peak US summer season and growing Asian economies, such as China and India.
A report published earlier this week by Goldman Sachs forecast that oil prices could reach as much as $200 a barrel over the next six to 24 months.
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