Crude Rises to Above $96 on U.S. Supply Drop, Dollar |
| Bloomberg - Nov 1, 2007 |
Crude oil rose above $96 a barrel for the first time in New York after U.S. inventories unexpectedly fell to a two-year low and a lower dollar made OPEC members wary of increasing output.
Oil rose the most in two years yesterday after the Federal Reserve cut its benchmark interest rate for a second time in two months, prompting a drop in the dollar. The Organization of Petroleum Exporting Countries, whose members get dollars for almost all the oil they sell, has no need to raise production, ministers from Iran, Qatar and the United Arab Emirates said this week.
``The magnet of $100 is still strong,'' said Rob Laughlin, a senior broker at MF Global Ltd. in London. ``Prices are soaring after the data showed another decent crude stock draw, while with the weak dollar OPEC members are downplaying the need for more supplies.''
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- Posted: 2007-11-01 09:43:30
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