6TH LD: N.Y. crude oil futures surpass $134 for 1st time+
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[May 21, 2008]

6TH LD: N.Y. crude oil futures surpass $134 for 1st time+

(Japan Economic Newswire Via Acquire Media NewsEdge) NEW YORK, May 21_(Kyodo) _ (EDS: UPDATING with NEW FIGURE IN 2ND GRAF)

Crude oil futures in New York kept rising Wednesday, topping $134 per barrel for the first time due to anxiety over tight supplies.

The benchmark July futures contract for West Texas Intermediate crude oil climbed to $134.42 in off-hours trading following the end of regular trading on the New York Mercantile Exchange.

The key contract passed the $130 line for the first time Wednesday morning. It ended the day's regular trading at $133.17, up $4.19 from Tuesday's finish and scoring a closing high for four trading days in a row.

Since reaching the $100 milestone in early January, oil prices have shot up 30 percent in about four and a half months. Market analysts are now starting to bet that the oil market will head toward the $150 mark.

Analysts say there will be greater pressure on companies and households as soaring oil prices push up gasoline and other prices across the globe. Developing countries in particular will be hit hard as they tackle rising food prices at the same time.



Buying took the upper hand as fears of a supply shortage spread ahead of the summer driving season in the United States, when demand for gasoline is likely to rise. Traders were also concerned that the reluctance of the Organization of the Petroleum Exporting Countries to boost output will squeeze supplies.

Speculative funds also flooded into the oil market after the U.S. dollar's depreciation against major currencies made oil appear cheaper.



The June contract was replaced by the July contract as the benchmark WTI futures contract after the end of Tuesday's regular session.

Copyright ? 2008 Kyodo News International, Inc.

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