Crude oil prices have shot further into record territory in Asian trading, breaking above US$130 a barrel for the first time on persistent supply concerns and a weaker dollar, the Associated Press reported. The July contract for light, sweet crude rose as high as US$130.30 in electronic trade on the New York Mercantile Exchange late afternoon Wednesday in Singapore. Concerns that OPEC won't increase its crude production before September fed some of the buying. Also, the dollar has been weakening against the euro and yen the last two days after appearing to be on a recovery track. Oil futures are now selling for about twice what they were just a year ago.
