China demand blamed as oil nears $US146 a barrel
Updated
China is being blamed for the latest surge in oil prices.
Prices soared briefly to a new high near $US146 a barrel, extending Thursday's record-shattering rally before easing as the American dollar gained ground against the Euro.
US oil trader, Anthony Grisanti says demand in emerging economies and a weak dollar are driving the prices up.
"Well, you know the reason for the latest surge is the reason why we have gone up so far this year, it is, you know, demand from China," he said.
"Even though demand has fallen in this country, demand over in China has been very strong throughout the year as they are gearing up for the Olympics and reconstruction after the earthquake."
