Wall Street hits $130 as earthquake hits high oil prices

with the northern hemisphere countries into the summer, the international crude oil market heat is also heating up day by dayThe benchmark June contract closed above $129 on Tuesday, rising to an intraday high of $129.60, its third straight session of record close and two intraday highsyesterday's electronic market, oil prices continued to soar, breaking through $130 in one fell swoopBenchmark New York crude futures were at $129.54 at 20:44 BST, having earlier risen to $130.47the continued high oil price stung the nerves of the United States, the world's largest consumer of crude oilOn the same day that oil prices exceeded $129, the U.SHouse of Representatives, despite opposition from the White House, passed an absolute majority of a so-called "Unopec" bill authorizing the government to sue OPEC under U.Santitrust laws to limit crude oil production and jointly set crude pricesforward contracts near $140new-day crude futures hit new highs this weekBy the 20th, oil prices had hit record highs for three consecutive daysAt the close of trading in New York on Tuesday, the June crude oil contract in New York was trading at $129.07, up $2.02 in a single day, its highest close since trading began in 1983At one point, the price of oil hit $129.60, just 40 cents from the next level of $130since May, oil prices have jumped from less than $113 to around $130 todayOil prices have risen for three days in a row, up 4 per cent, since May 15not just near-term contracts, but forward crude contracts that represent future expectations of the market have also continued to soar in the near termNew York crude futures for December 2016 jumped $8.40, or 6.5 percent, to $138.38, after rising as much as $139.30 at one point in the session, according to the technology chart In the three trading days to the 20th, the contract surged $17.08, or a staggering 14 percent traders said they had never seen a big one-day gain, particularly for forward contracts However, some traders have also pointed out that such large fluctuations in forward contracts may be related to the smaller volume On that day, only 67 contracts were traded in December 2016, while the most active contracts traded more than 296,000 in July this year market participants pointed out that the continuous surge in oil prices is related to the northern hemisphere into the mid-summer The U.S., for example, will officially enter the summer driving peak after this weekend's Memorial Day holiday, which is also the traditional peak for gasoline consumption In addition, the recent weakening of the dollar has also given upward momentum to oil prices in dollar terms Commodities such as oil have increasingly been used by investors as an investment vehicle to hedge against the depreciation of the dollar and inflation the dollar has been falling since the Fed began cutting interest rates in a row on September 18 last year, but showed signs of stabilising against currencies such as the euro after the Fed signaled at the end of last month that it might suspend the current round of interest rate cuts However, the dollar has turned weak again as expectations of a possible euro-zone rate rise have strengthened in recent days European policymakers may raise interest rates once the financial crisis is over, a German government adviser said Tuesday As a result, the euro rose nearly 1% against the dollar on the day the surge in oil prices has also raised concerns about corporate earnings On the 20th, all three major U.S stock indexes fell sharply, with the Dow down nearly 200 points, or 1.53 percent, and the S and P 500 index down nearly 1 percent Stocks in Asia-Pacific markets, Japan and South Korea also fell sharply yesterday with the northern hemisphere countries into the summer, the international crude oil market heat is also heating up day by day The benchmark June contract closed above $129 on Tuesday, rising to an intraday high of $129.60, its third straight session of record close and two intraday highs yesterday's electronic market, oil prices continued to soar, breaking through $130 in one fell swoop Benchmark New York crude futures were at $129.54 at 20:44 BST, having earlier risen to $130.47 the continued high oil price stung the nerves of the United States, the world's largest consumer of crude oil On the same day that oil prices exceeded $129, the U.S House of Representatives, despite opposition from the White House, passed an absolute majority of a so-called "Unopec" bill authorizing the government to sue OPEC under U.S antitrust laws to limit crude oil production and jointly set crude prices forward contracts near $140 new-day crude futures hit new highs this week By the 20th, oil prices had hit record highs for three consecutive days At the close of trading in New York on Tuesday, the June crude oil contract in New York was trading at $129.07, up $2.02 in a single day, its highest close since trading began in 1983 At one point, the price of oil hit $129.60, just 40 cents from the next level of $130 since May, oil prices have jumped from less than $113 to around $130 today Oil prices have risen for three days in a row, up 4 per cent, since May 15 not just near-term contracts, but forward crude contracts that represent future expectations of the market have also continued to soar in the near term New York crude futures for December 2016 jumped $8.40, or 6.5 percent, to $138.38, after rising as much as $139.30 at one point in the session, according to the technology chart In the three trading days to the 20th, the contract surged $17.08, or a staggering 14 percent traders said they had never seen a big one-day gain, particularly for forward contracts However, some traders have also pointed out that such large fluctuations in forward contracts may be related to the smaller volume On that day, only 67 contracts were traded in December 2016, while the most active contracts traded more than 296,000 in July this year market participants pointed out that the continuous surge in oil prices is related to the northern hemisphere into the mid-summer The U.S., for example, will officially enter the summer driving peak after this weekend's Memorial Day holiday, which is also the traditional peak for gasoline consumption In addition, the recent weakening of the dollar has also given upward momentum to oil prices in dollar terms Commodities such as oil have increasingly been used by investors as an investment vehicle to hedge against the depreciation of the dollar and inflation the dollar has been falling since the Fed began cutting interest rates in a row on September 18 last year, but showed signs of stabilising against currencies such as the euro after the Fed signaled at the end of last month that it might suspend the current round of interest rate cuts However, the dollar has turned weak again as expectations of a possible euro-zone rate rise have strengthened in recent days European policymakers may raise interest rates once the financial crisis is over, a German government adviser said Tuesday As a result, the euro rose nearly 1% against the dollar on the day the surge in oil prices has also raised concerns about corporate earnings On the 20th, all three major U.S stock indexes fell sharply, with the Dow down nearly 200 points, or 1.53 percent, and the S and P 500 index down nearly 1 percent Stocks in Asia-Pacific markets, Japan and South Korea also fell sharply yesterday (name)