US oil record hit

The price for a barrel of United States light sweet crude oil hit a record US$127.17 this morning.



Goldman Sachs, a leading international brokerage house is projecting that the price for a barrel of oil could average US$141 for the first six months of the year.



Financial Analyst Ralston Hyman said the increase in the price of oil means that Jamaica will be spending significantly more on energy.



He said an increase in interest rates would impact investments and cause a further decline in the economy.



Only yesterday the Planning Institute of Jamaica disclosed that the growth in the Gross Domestic Product was 0.2 percent for the first three months of the year.



This was way below the original expectation.