[The oil producing nations, largely throughout the Middle East, will flourish with high oil prices, while the rest of the world will stagger. The economic shift to the mideast continues.]
5 May 2008
The price of a barrel of oil has risen above $120 for the first time, driven by concerns about the situations in Nigeria and northern Iraq.
US light sweet crude rose to a record of $120.36 a barrel in morning trading in New York before falling back to a record close of $119.97 - up $3.65.
Another factor pushing up the oil price has been the US dollar's weakness as investors opt to back commodities.
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