Oil climbed to a life-time high above a barrel on Wednesday, driven higher by a combination of long-term production worries and a near-term focus on tight fuel stocks. A United States government report later on Wednesday was expected to show crude inventories rose for a fifth straight week.
Oil held above a barrel on Wednesday, within sight of the previous session’s record high, supported by a weak United States dollar and concern about supplies. Attention will shift later to a US government report expected to show that crude inventories rose for a fifth straight time last week while petrol and distillates supplies also increased.
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/ 11 September 2007
Opec was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of oil and rapidly diminishing stocks. But the plan to add 500 000 barrels per day of oil had yet to convince all Opec ministers.