Wednesday, February 20, 2008

Oil prices spike past US$98 as tensions seethe in key producing nations

World oil prices spiked past US$98 per barrel as the market seethed under the strain of tensions in key producing nations. Speculative gains were driven by geopolitical concerns that have cropped up due to tensions in Venezuela and Nigeria, and also on speculation surrounding OPEC's next move when they meet in March. Prices have risen despite worries about a possible slowdown in demand from key consumer USA.

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