Oil crosses $129 for first time, heads for $130
VIENNA, Austria (AP) - Oil prices have have spiked to a new trading high, sweeping past $129 a barrel.
The June contract for light, sweet crude traded as high as $129.31 in pre-opening trading on the New York Mercantile Exchange.
Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC's president was quoted as saying his organization won't increase its output before its next meeting in September.
The imminent expiration of the June contract is adding to the volatility. The contract will end at the close of trading Tuesday.