World oil prices hit a new high yesterday above $99 a barrel, but just failed to break through the key $100 level. In another frantic day of trading, dealers pushed US light crude futures to a fresh peak of $99.29 a barrel, less than $2 below their record high, in inflation-adjusted terms, reached in 1980 after the Iranian revolution.
Trading was nervous ahead of weekly oil stock data in the US, which consumes a quarter of the world's oil.
Trading was nervous ahead of weekly oil stock data in the US, which consumes a quarter of the world's oil.
Motorists in the UK have suffered as the average petrol price at the pump has moved beyond the £1 a litre mark. But the pain has not been as bad as in the US because the dollar, in which oil is priced, has been weakening against the pound.
The rise and rise of oil prices this year has led to growing speculation that supplies are starting to run out.
The rise and rise of oil prices this year has led to growing speculation that supplies are starting to run out.
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