Crude posts new high as analysts eye $200/bbl
Crude oil closed at a new record high of $121.84 a barrel on the New York Mercantile Exchange (Nymex).
West Texas Intermediate (WTI) closed up $1.87, or 1.6% from the previous record close of $119.97 posted Monday. WTI futures are nearly 100% higher than they were a year ago.
Brent crude oil for June settlement rose $2.32 or 2% to close at a record $120.31 a barrel on London's ICE Futures Europe exchange, having touched an intraday high of $120.99/bbl.
A number of issues across the complex are being cited as factors contributing to crude’s record run, such as consistently high demand from China
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