Oil hits new high

Oil surged to another record high today, breaking through the $93 a barrel level after Mexico briefly halted one-fifth of its production and the US dollar spiralled to new lows.

Analysts are expecting oil to hit $100 in the near future if the prices rises continue as strongly as they have in recent days.

US crude hit a high of $93.20, almost a dollar higher than the peak reached on Friday. It later edged down to trade at $92.71.

London Brent also leapt to a record high of $90, before settling at $89.40.

Adjusting for inflation, however, crude oil is still below the $101.70 peak hit in April 1980 after the Iranian revolution, the International Energy Agency said.

Read Full Article from Guardian Unlimited

- Posted: 2007-10-29 09:37:32

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