That was quick! A spin around the world markets overnight and oil goes up a further $2 over yesterday and expected to reach $100 during next week. Time to go into the sugar cane biz for ethanol production
Quote:
Soaring oil climbs past $96 mark
Prices are rapidly closing in on the $100 mark
Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves.
US light crude rose as high as $96.24 in Asian trading on Thursday morning before falling back to $96.05.
Traders were concerned by a second weekly fall in US crude stockpiles ahead of the intensive winter period.
At the current rate of increase, prices are set to top $100 a barrel during the next week.
Adjusted for inflation, prices are still below the $101 high reached in November 1980.
US supplies
US light crude closed trading on Wednesday at a record settlement high of $94.53, after prices rocketed by as much as $4 to $5 in highly volatile trade.
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