Oil global prices hit record 97$ dollars a barrel
NEW YORK: The price of oil closed at a record high of 96.70 dollars a barrel in New York, after earlier hitting an all-time peak above 97 dollars, amid concerns about tight US supplies.
New York’s main futures contract, light sweet crude for delivery in December, hit an all-time high of 97.10 dollars a barrel in intraday trade.
Oil prices moved steadily toward the symbolic 100-dollar level on the eve of crucial supply data from the United States, the world’s largest energy consumer.
The record-breaking run came as traders bet on falling US energy supplies ahead of the northern hemisphere winter, when demand for heating fuel is expected to shoot higher, analysts said.
According to analysts falling dollar, losses to financial institutions in the world market, uncertainty in stock markets and limited oil supplies affecting the prices.
The oil prices hike could hit hard the economies of developing countries, analysts added.