Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Air Algerie investigation continues

Read more

AFRICA NEWS

Dozens of youths trampled to death on Conakry beach

Read more

AFRICA NEWS

Ebola death toll tops 700

Read more

MEDIAWATCH

UNRWA official breaks down over Gaza deaths

Read more

DEBATE

Argentina Defaults - Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

DEBATE

Argentina Defaults - Kirchner Cries Foul Over 'Vulture Funds'

Read more

MEDIAWATCH

Renault's women drivers ad deemed sexist

Read more

FOCUS

Constitution prohibits Aung San Suu Kyi to run for president

Read more

THE BUSINESS INTERVIEW

War and Markets, with Steen Jakobsen, Chief Economist at Saxo Bank

Read more

  • Israel and Hamas 72-hour ceasefire begins

    Read more

  • 24 killed¸ 271 injured in South Taiwan gas blast

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Argentinian markets plummet following default

    Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • Sierra Leone declares state of emergency over spread of Ebola

    Read more

  • Investigators reach MH17 site amid 24-hour ceasefire

    Read more

  • France remembers murdered socialist hero Jean Jaurès

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Scores feared dead in India landslide

    Read more

  • Russia ordered to pay further €1.9 billion to Yukos shareholders

    Read more

  • Iraq's Christians: Nowhere to Run?

    Read more

  • Russia defiant as US, EU unveil 'phase three' sanctions

    Read more

  • US House votes to sue Obama for over-reaching his powers

    Read more

Oil prices break historic record

Latest update : 2008-03-13

For the first time, oil prices reached their highest value of $110.20 a barrel in New York.

Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.
  
The new record occurred as New York's main oil futures contract, light sweet crude for delivery in April, struck 110.20 dollars per barrel.
  
Traders said the ailing dollar also has fueled a spike in world oil prices because crude is priced in dollars and has become cheaper to buy for purchasers holding stronger currencies.
  
Supply concerns have persisted since the Organization of the Petroleum Exporting Countries oil producer's cartel announced last week that it was maintaining its output quotas at current levels despite skyrocketing prices.
  
Crude values also pushed higher despite the US Department of Energy reporting earlier Wednesday that US crude oil stocks had risen 6.2 million barrels last week, far above the gain of 1.7 million that most analysts had predicted.
  
"Whether you call this run speculative buying or hedging against dollar weakness, it definitely has nothing to do with oil market fundamentals" of supply and demand, Standard Bank analysts said in a research note.
  
Some economists have expressed concern about spiking oil prices, saying they have unleashed inflationary pressures on the global economy and especially the US economy which is already enduring a housing slump and a credit crunch.
  
The International Energy Agency, which seeks to coordinate energy policy among the world's leading industrialized nations, said Wednesday that it would convene a meeting of oil industry experts to review the jump in prices.
  
"There will be a meeting (Monday in Paris) on prices with experts, both from the financial and (oil) trading sectors, as well as with representatives of the production and refining sectors," an IEA spokeswoman told AFP.

Date created : 2008-03-12

COMMENT(S)