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Crude Oil Trades at Over $127/Barrel on Monday

May 19, 2008

NEW YORK --- Driven by the weakening of the U.S. dollar, crude oil for June delivery rose as much as $1.48 a barrel, or 1.2 percent, to $127.77 a barrel on the New York Mercantile Exchange today, Bloomberg reported.

The price of crude continued to climb despite Saudi Arabia's plans to boost production by about 3.3 percent to 9.45 million barrels a day in June. Oil Minister Ali al-Naimi announced the plans in Riyadh following a meeting between President George Bush and Saudi Arabia's King Abdullah.

 

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