|  Oil climbs above $ 128 in major one-day gain -
June 6th, 2008
Oil climbs above $ 128 in major one-day gain
Commodity Online
NEW YORK : Oil prices climbed above $128 a barrel in Asian trade Friday extending gains after it’s biggest ever one-day rise in the previous session.
US light crude for July delivery rose 31 cents a barrel to $128.10 a barrel in midday trading, having settling $5.49 at $127.79, erasing two days of sharp losses triggered by worries that high oil prices were starting to dent demand.
Earlier, the weak US dollar beckoned the oil bulls once again. The front-month crude contract on the New York Mercantile Exchange posted its biggest single-session US dollar gain ever. Light, sweet crude futures for July delivery settled $5.49 higher at $127.79 a barrel.
London Brent crude rose 5 cents to $US127.59 today.
The US dollar was steady against the euro on Friday, having fallen by more than 1% on Thursday after European Central Bank president Jean-Claude Trichet said a number of policymakers wanted higher interest rates and a hike was possible as soon as next month.
Asian demand is no longer a sure thing, with India and Malaysia this week becoming the latest to raise fuel prices. A record one-day gain in oil prices wasn't enough to shake the view that crude demand would continue to exert downward pressure on prices, whatever the US dollar's strength.
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