Oil price hovers near record high

Oil prices surged past the $83-a-barrel level on Thursday, near record highs, after a US inventory report showed lower-than-expected stockpiles.

Supply fears sent US sweet light crude to $83.04 a barrel in Asian trade, near its $83.90 high set on 20 September.

US crude stocks fell by 1.7 million barrels last week, according to the US department of energy. A gain of one million had been expected.

The news also pushed up London Brent Crude by $1.55 to $80.11.

Read the full story at BBC

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This entry was posted on Friday, October 12th, 2007 at 6:51 and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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