KARACHI: The price of oil rocketed to a record high point of 127.43 dollars per barrel on Friday, as US President George W. Bush prepared to urge Saudi Arabia to pump more crude, analysts said. New York’s main oil futures contract, light sweet crude for June delivery, beat the previous all-time peak of 126.98 set on Tuesday owing to worries about tight supplies despite a downgrade to global oil demand growth for 2008. The contract later stood at 126.90 dollars, up 2.78 dollars from Thursday’s close.
London’s Brent crude contract for June spiked as high as 125.85 dollars, which was not far off the record 125.90 hit on May 9. It later stood at 125.44, up 2.81 dollars. US President George W. Bush arrived in Saudi Arabia from Israel on Friday for talks with the world’s biggest crude exporter on record oil prices that have hit Western consumers hard. Bush’s Air Force One touched down shortly before 2:00 pm (1100 GMT) at Riyadh’s King Khaled international airport, where King Abdullah led a red-carpet welcome for the US president and his wife Laura. Bush aides have said that, at more than 125 dollars a barrel, oil prices were set to top the agenda of his talks with Abdullah and other Saudi officials.-SANA