Oil a whisker away from $US100
Published 21 Nov, 2007 07:11 | Updated 21 Nov, 2007 10:11
Oil prices have surged again and are just a whisker away from a hundred dollar a barrel. The rise follows America's Federal Reserve's decision to looks at cutting interest rates further.
U.S. crude oil hit a new record high of $US 99 a barrel in overnight trading, approaching the $US100 landmark.
The high price is due to a number of factors, including the declining dollar, news of refinery problems and speculation that the Fed will soon cut rates again.
Brent crude is now trading at just over $US95.
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