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Oil price tops US$99 per barrel briefly in Asian trade

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SINGAPORE: Oil briefly rose above 99 US dollars a barrel for the first time Wednesday as the greenback's fall drove demand for dollar-denominated crude, dealers said.

The jump during early Asian trading hours pushed the price within striking distance of the psychologically crucial 100-dollar level. Dealers said tight global supplies were also helping fuel the spike.

New York's main contract, light sweet crude for January delivery, pulled back from a new intraday high of 99.29 dollars but was still 94 cents up at 98.97 from a record finish of 98.03 on Tuesday.

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Jonno (92)

Senior board member | 2007-11-21 05:24:01

It's nearly there - what happens then ??
Will the sky fall in - or do we just accept it and wait for the next hurdle -
- If the production costs are the same (as they are) WHO IS RAKING IN THE EXTRA DOLLARS???? - The system stinks - but how do we change it ??

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Dave D ()

Newbie | 2007-11-21 05:29:39

i remember reading about cars running on methane gas during the second world war - if i remember right, the gas was produced from chicken manure - how about we try that solution - and we can have eggs.
Unfortunately we are addicted to oil and the system of processing and supplying it is just so good - they've had a lot of years to get it right

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Wednesday 21 November, 2007 07:53 AM

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