Open

Coming up

Don't miss

Replay


LATEST SHOWS

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • UN Security Council calls for Israeli-Palestinian ceasefire

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • France’s Kadri wins eighth stage at Tour de France

    Read more

  • Legal challenge to French mayor’s ban of Muslim hijab on beach

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Iraqi forces ‘executed prisoners in reprisal’ for ISIS killings

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Kerry holds all-night talks with Afghan presidential rivals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

Oil prices hit record $107

©

Latest update : 2008-03-10

Concern about tightening supplies and the weak dollar sent oil prices soaring to record highs of 107 dollars per barrel on Monday, one week after OPEC countries resisted US pressure to raise output.

Oil hit record highs of 107 dollars on Monday, supported by fresh concerns about the weakness of the dollar and tightening supplies.

 

The New York contract for April delivery had hit a record 106.54 dollars per barrel on Friday but the market had slipped back earlier Monday.

 

The spike came as the White House said Monday that US Vice President Dick Cheney planned next week to urge key OPEC member Saudi Arabia to push the oil cartel to boost output in an effort to rein in sky-high prices.

 

"I'm sure that energy issues will come up," spokeswoman Dana Perino said in a preview of Cheney's trip to the Middle East next week. "Obviously we want to see an increase in production."

 

The Organisation of the Petroleum Exporting Countries (OPEC), which produces 40 percent of the world's crude, decided at a policy meeting last week to maintain its daily production target of 29.67 million barrels despite calls by US President George W. Bush for it to do more.

 

OPEC blamed the high cost of crude on speculative buying as investors sought a hedge against a weakening dollar and rising inflation.

 

The weak US currency, which fell to a new low of 1.5464 against the euro on Friday, encourages demand for dollar-priced commodities like oil because it makes them cheaper for buyers using other currencies.

Date created : 2008-03-10

Comments

COMMENT(S)