Oil passes $130 for the first time

Oil prices soared past $130 a barrel for the first time Wednesday amid continuing supply concerns and a weakening dollar.

Crude oil futures for the July contract climbed as high as $130.47 a barrel in electronic trading before retreating below $130 by 9 a.m. ET.

The June contract expired Tuesday with crude settling at at record high of $129.07 a barrel, up $2.02 from Monday's closing price of $127.05 a barrel.

"Once again, there was no individual news item that caused this rally - this is a continuation of this bull move," said Andrew Lebow, senior broker at MF Global.

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- Posted: 2008-05-21 13:06:31

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