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  • Oil eyes $100 a barrel

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Oil eyes $100 a barrel

Fears over winter supplies have pushed crude oil prices closer to the psychological $100 a barrel level.The cost of light, sweet crude for December delivery hit a high as $98.03 a barrel in Asian electronic trading on the New York Mercantile Exchange.The contract hit a high of $97.10 on Tuesday before closing at $96.70 a barrel, a record settlement.The latest increase comes amid speculation that figures due out from the US Energy Department's Energy Information Administration will show crude supplies dropped last week.And news of an attack earlier this week on an oil pipeline in Yemen has added to supply concerns at the start of the winter.Motorists in many parts of the UK are already paying more than £1 a litre for unleaded petrol, with the AA reporting an average of 99.5p a litre this week.© Independent Television News Limited 2007. All rights reserved.

ITN | November 7, 2007Watch more videos from ITN

Tags:. .closing. .attack. .tuesday. .prices. .light











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