Oil hits new record above $92

Oil rallied to a fresh record high above $92 a barrel yesterday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria. Oil's bullish momentum has pulled in increasing amounts of...

Oil rallied to a fresh record high above $92 a barrel yesterday as the dollar tumbled to a record low, Washington imposed new sanctions on Iran and gunmen shut more oil production in Nigeria.

Oil's bullish momentum has pulled in increasing amounts of speculative investment and waves of technical buying have been triggered as US oil pierced successive lines of resistance.

At 1507 GMT US crude was up 74 cents at $91.20, off a record $92.22. It is closing in on its inflation-adjusted high of $101.70 seen over the course of April 1980, a year after the Iranian revolution and at the start of the Iran-Iraq war.

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