[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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