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Oil smashes $135 in Asian trade

business Updated: May 22, 2008 13:14 IST

AFP
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Oil smashed past USD 135 a barrel for the first time on Thursday, continuing its astonishing rise following unexpected drops in US crude and gasoline stocks in a tight market, dealers said.

In Asian morning trade, New York's main oil futures contract, light sweet crude for July delivery, rose to a high point of USD 135.04 a barrel before easing to USD 134.87.

The benchmark futures contract had closed a whopping USD 4.10 higher at a record USD 133.17 on the New York Mercantile Exchange, and continued its upward spiral in after hours electronic trade.

London's Brent crude contract for July was also busting records, rising USD 1.75 to USD 134.