Thursday, November 22, 2007

Oil prices breach US$98 a barrel

World oil prices spiked past US$98 a barrel, touching record highs, amid supply concerns and weakening of the US dollar against other major currencies. New York's main oil futures contract, light sweet crude for January delivery, rose to US$98.03 per barrel. Brent North Sea crude for January delivery surged 3.21 dollars to settle at US$95.49 per barrel in London.

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