/ 22 January 2000

OIL PRICE HIT NEW HIGHS

RED-HOT oil prices sizzled near nine-year highs on Thursday as the West’s energy watchdog warned that Opec supply curbs will leave the world perilously short of oil in coming months. World benchmark Brent crude for March delivery was up 16 cents at $26,00 a barrel, near the $26.30 nine-year high struck briefly on Wednesday. Forecasts of a long spell of cold weather in the huge US market has triggered even faster price rises there, moving at one point late on Wednesday within 35 cents of the $30 mark.