Crude oil barrel price hits the $120 mark

Crude oil jumped to a record high of over $120 a barrel on Monday on the weaker US dollar and supply concerns from OPEC members Nigeria and Iran.

The dollar fell broadly on Monday as the world’s biggest economy was still struggling. Crude has kept on surging; extending a six-year rally that has more than quintupled prices, on a wave of investment by speculators seeking to hedge against inflation and the weak dollar.

US President George W Bush, who has called upon oil cartel OPEC to increase output to help bring down prices, is expected to talk with officials from Saudi Arabia about the effects of high fuel prices on the US economy on his trip to the world’s top exporter later this month.

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