Saturday, October 27, 2007

Supply concerns push oil prices past US$92

Crude oil prices have spiked past US$92 a barrel at one point, on growing concerns of the conflict between Lebanon and Israel, as well as new US sanctions on Iran. Light, sweet crude for December delivery rose to US$91.93 a barrel in electronic trade on the New York Mercantile Exchange by midafternoon in Singapore, after briefly rising to a new trading record of US$92.22. The Nymex crude contract settled at US$90.46 a barrel on Thursday in the US, closing above US$90 a barrel for the first time.

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