Oil set a record above a barrel on Thursday as a drop in United States gasoline inventories raised concern of tighter supply and a weak dollar boosted investor demand for commodities. A US government report on Wednesday showed a surprise drop in crude inventories and a larger-than-expected decline in stocks of petrol.
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/ 5 December 2007
Oil rose on Wednesday after the Organisation of the Petroleum Exporting Countries (Opec) decided to keep output levels unchanged, rebuffing consumer-country calls for more crude to rein in prices now near a barrel. Opec also agreed to meet again at the end of January to review its decision ahead of a regular March gathering.