Oil prices hit 118 dollars for first time

LONDON, April 22, 2008 (AFP) – The price of New York crude oil surged past 118 dollars per barrel for the first time on Tuesday, lifted by unrest in key producer Nigeria and the weak dollar, traders said. New York’s main oil futures contract, light sweet crude for delivery in May, struck a new peak at 118.05 dollars.

At the same time, London’s Brent North Sea crude for June hit a historic pinnacle at 115.03 dollars a barrel. .