Oil Rises to $135 in Asian Trading

June 10, 2008 7:02:44 AM PDT
Oil is hovering around $135 a barrel in Asian trading, and traders say prices could climb higher amid concerns over supplies, growing global demand and other geopolitical issues. Crude futures pulled back Monday from last week's record highs, falling $4.19 to $134.35 a barrel on the New York Mercantile Exchange, after the dollar strengthened and Saudi Arabia voiced willingness to meet any increase in demand.

Energy analyst Victor Shum in Singapore says the market is "taking a breather" after the sharp gain last week. But he says there is still "a strong uptrend" in the oil markets.

Shum says the market remains prone to another spike in price and even $150 a barrel is possible.