Oil price hits record high of over US$146
Posted: 03 July 2008 1830 hrs

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LONDON - The price of oil hit a fresh record high of above 146 US dollars a barrel here on Thursday owing to falling reserves of US crude, simmering tensions over Iran and a weak dollar, traders said.

Brent North Sea oil for August delivery surged to a life-time peak of 146.69 US dollars a barrel in morning trade after breaching 146 US dollars for the first time earlier on Thursday.

New York's main oil contract, light sweet crude for August delivery, surged to an all-time pinnacle of 145.85 US dollars on Thursday. - AFP/ir