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Journalism of Courage
Oil sped above $98 a barrel for the first time on Wednesday, closing in on the landmark $100 level, driven by a slumping US dollar and worries over a winter fuel supply crunch. Analysts said it was only a matter of time before oil hit triple digits, with evidence of tightening stocks aiding a nearly 8 per cent rise over the past two weeks alone.
“We’re going to get $100 before too long,” said Kevin Norrish of Barclays Capital.
US crude rose $1.42 to $98.12 having earlier hit a record $98.62. London Brent crude also hit a new peak of $95.19, and was later up $1.27 at $94.53.
