Oil smashed past $135 a barrel for the first time on Thursday, continuing its astonishing rise following unexpected drops in United States crude and petrol stocks in a tight market, dealers said. Large institutional investors continued to pile money into oil, which is giving better returns than investments in stocks and bonds, further heating up prices, they said.
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/ 1 December 2007
Oil prices fell back below a barrel on Friday amid speculation that the Organisation of the Petroleum Exporting Countries (Opec) will decide to increase its output at a meeting next week, analysts said. New York’s main contract, light sweet crude for January delivery, fell ,03 to close at ,71 per barrel, after earlier striking a one-month low of ,52.