Oil hits new high
- Wednesday, May 21 - 2008 at 07:33
Oil jumped to a new record near $130 a barrel on Tuesday, driven by by tight supplies of refined products and bullish price forecasts from investment banks, reported Reuters. US light crude's June contract rose to an all-time high of $129.58 a barrel and by 10:41 a.m. EDT was trading was $2.20 higher at $129.25.
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Jeff Florian, Senior Reporter



