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Article: Xinhua world economic news summary at 0430 GMT, April 23

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Xinhua News Agency
Article date:
April 23, 2008
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Xinhua world economic news summary at 0430 GMT, April 23

NEW YORK -- Crude futures approached 120 U.S. dollars a barrel Tuesday on the weak U.S. dollar and supply concerns.

Light, sweet crude for May delivery, which expired Tuesday, hit 119.90 dollars on the New York Mercantile Exchange, refreshing its intraday high. The May contract settled at 119.37 a barrel, a new record high, up 1.89 dollars from previous day.

Hedge against inflation

"Crude oil continued its upward march today due to host already familiar factors," Wall Street Strategies' senior research analyst Conley Turner told Xinhua. "Among the primary reasons being was the fact that the dollar declined to an all time low ...

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