Monday, May 12, 2008

Home > Business > Top Stories Oil prices retreat from last week's record close near $126

BANGKOK, Thailand - Oil has retreated from last week's record close near $126 a barrel.The final gain at the end of last week rounded out five days in which crude oil futures rose nearly $10 a barrel and hit a record in every session.By midmorning Monday in Singapore, light, sweet crude for June delivery had dropped 50 cents to $125.46 a barrel in electronic trading on the New York Mercantile Exchange.On Friday, the contract broken above $126 for the first time. That advance came after Colombia said it recovered documents from a slain guerrilla that indicate Venezuelan President Hugo Chavez has offered assistance to Colombian rebels. - AP


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