| Crude oil hits $99.29/barrel |
| BS Reporter / New Delhi November 21, 2007 |
| Crude oil prices are just 71 cents shy of the psychologically important $100 per barrel as a continuously weakening dollar against major currencies has led to increased buying of the commodity, which is dollar-denominated. The buying frenzy has led to increased demand which has fuelled crude oil price rally to $99.29 per barrel today from below $50 in February this year. "The sharp rise in crude oil prices is from the demand side unlike the supply side spike in April 1980 when supply side constraints existed in West Asia," said a Mumbai-based analyst. After touching the record $99.29 per barrel earlier todat, the price of US light crude oil fell to $97.78. "It |
