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OIL NEARS $100 |
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The News -
Economy
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November 01, 2007 |
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The price of oil rose to a record above $96 a barrel Thursday after a surprise drop in U.S. crude stockpiles raised concerns about supplies for coming winter demand. Other energy futures also gained. It was the second week in a row the U.S. Energy Information Administration reported a sharp and unexpected drop in oil inventories. "The decline in U.S. crude oil inventories has been a key driver of oil prices," said David Moore, commodity strategist at the Commonwealth Bank of Australia in Sydney. Light, sweet crude for December delivery rose as high as $96.24 a barrel in electronic trading on the New York Mercantile Exchange, before dropping to $95.28 a barrel by afternoon in Europe. Source : AP / Myway News
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