KUALA LUMPUR, July 3 — Oil leaped another US$1 to fresh records today, as the dollar slipped on gloomy US jobs data and a broad equity sell-off, while a higher-than-expected fall in US crude stocks raised supply concerns.
The Reuters news agency reported that London Brent crude rose as much as US$1.49 to a record of US$145.75 (RM480.97) a barrel while US crude rose US$1 to an all-time high of US$144.57 a barrel, before easing back to US$144.54.
The dollar hit a two-month low against the euro today, after a report a day ago showed US private employers cut the most jobs in nearly six years and as the US
Oil has jumped more than 50 per cent this year, helped by inflows of speculative money as investors seek to hedge against the falling dollar and inflation.
"We have the weaker US dollar, the reduction in US oil stocks... We may see a bit of profit taking tonight but it all depends on the U.S. dollar," Gerard Rigby of Fuel First Consulting told Reuters in Sydney.
In the latest of a series of news this week which stoked supply concerns, official data showed US crude oil stocks fell more than expected last week, down 2 million barrels to 299.8 million barrels, putting commercial inventories below 300 million barrels for the first time since January.
Oil prices have jumped seven-fold since 2002, as demand from emerging economies such as China and India stretches supply growth.
In Kuala Lumpur, the Bursa Malaysia has yet to commence trading today due to a computer glitch despite an announcement that it would start afternoon trading at 2.30pm.
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