April 22 (Xinhua) -- Crude futures approached 120 U.S. dollars a barrel Tuesday on the weak U.S. dollar and supply concerns. 

 

"Crude oil continued its upward march today due to host already familiar factors," Wall Street Strategies' senior research analyst Conley Turner told Xinhua. "Among the primary reasons being was the fact that the dollar declined to an all time low against the euro."

 

 "Another factor contributing for the days was the disruption in supplies in Nigeria due to attacks by rebels on production facilities," said Turner. "Also, there is a threat of a strike at a refinery in the U.K. that is affecting the price move today."

 

 "At this point, the momentum is clearly in favor of the oil bulls. While, a short term pull back will inevitably occur, it is extremely difficult to predict when this will occur," Turner added.

 

To read the full report, click on the link: http://news.xinhuanet.com/english/2008-04/23/content_8031713.htm