Oil prices peak again

Now over US$127 per barrel

As if we weren't bored hearing about oil prices, BBC News Online is reporting that the commodity is now over US$127 a barrel, an all-time high.

Oil prices have hit a record high above $127 a barrel on speculation that China will

need to import more fuel, stretching global supplies.

With more energy needed to rebuild areas devastated by the earthquake earlier this week, US light sweet crude jumped to $127.43 a barrel.

The BBC also reports Goldman Sachs forecasting that oil would reach US$141 a barrel later this year.

Last modified on Friday, 16 May 2008 17:10