Oil closes in on $100 a barrel

Crude oil prices on Wednesday rose to striking distance of $100 a barrel level, boosted by the tumbling US dollar and fears of another drop in inventories, while gold prices rose above $800 an ounce.

Nymex January West Texas Intermediate crude oil hit an all-time record of $99.29 a barrel in Asian trading, extending from its Tuesday surge of $3.39 to a closing price of $98.03 a barrel – the highest since the WTI contract started to trade in 1983.

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US heating oil prices are at record levels and American households are expected to see their bills heating double this winter.

Heating oil stocks stand 25.2 per cent below last year’s levels, raising concerns about supplies for winter. Wednsday’s inventories report was expected to show 0.5m barrel decline in distillate stocks (including heating oil).


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Do you take Euros?