NEW YORK - Oil hit fresh record highs Monday amid reports of pipeline sabotage in Nigeria and as the US dollar remained weakened, traders said.
Market participants said OPEC's stance not to increase its output against rising prices was also stoking values higher.
New York's main oil futures contract, light sweet crude for delivery in May, struck a new peak in intraday trading of 117.76 dollars before closing at 117.48 dollars, which marked a record closing high.
The contract has jumped 79 cents compared with Friday's closing level.
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About Me
- John
- I am a silent type of guy that wanted o have a lot of friend and wanted to help my parents and relatives. Even though we are only 4 in the family but ever since I did not made to feel the care and guidance of my parents.
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