Oil prices were close to $109 in Asian trade on Wednesday, underpinned by the United States dollar’s dive to a new low against the euro and supply concerns, dealers said. In late morning trade, New York’s main contract, light sweet crude for April delivery, traded briefly at $108,90 a barrel, up 15 cents from its record closing high of $108,75 on Tuesday.
Oil prices struck a record high of $109,72 per barrel on Tuesday after the dollar hit a fresh all-time low against the euro and amid persistent energy-supply concerns, traders said. New York’s main oil contract, light sweet crude for delivery in April, soared to the historic level, beating the previous peak of $108,21, which was set on Monday.
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/ 4 December 2007
The biggest Persian Gulf producers of the Organisation of the Petroleum Exporting Countries (Opec) are leaving open the option of an oil-supply increase that could influence whether crude prices head back towards a barrel. Oil ministers, gathering to meet on Wednesday, have adopted a coordinated line to insist that supplies are sufficient to meet winter demand.