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| Soaring oil prices climb to $96 | |
| (10 minutes later) | |
| Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves. | Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves. |
| US light crude rose as high as $96.24 in Asian trading on Thursday morning before falling back to $96.05. | |
| Traders were concerned by a second weekly fall in US crude stockpiles ahead of the intensive winter period. | Traders were concerned by a second weekly fall in US crude stockpiles ahead of the intensive winter period. |
| At the current rate of increase, prices are set to top $100 a barrel during the next week. | |
| Adjusted for inflation, prices are still below the $101 high reached in November 1980. | |
| US supplies | US supplies |
| US light crude closed trading on Wednesday at a record settlement high of $94.53, after prices rocketed by as much as $4 to $5 in highly volatile trade. | |
| Brent crude was trading up at $91.63 a barrel on Thursday morning. | |
| We are stepping into an unknown area Ken Hasegawa, Fimat Japan What is driving oil prices up? | |
| The US government's figures showed that domestic crude stocks fell by 3.9 million barrels last week, worrying analysts who had forecast an increase of 100,000 barrels. | The US government's figures showed that domestic crude stocks fell by 3.9 million barrels last week, worrying analysts who had forecast an increase of 100,000 barrels. |
| The US is the world's biggest energy consumer and the state of its inventories is a key concern for market watchers. | |
| "We are stepping into an unknown area," said Ken Hasegawa, a broker at Fimat Japan, said of the latest price spike. | |
| "Nobody wants to sell, given the fear of a further rise." | |
| Upward pressure | |
| An array of factors has been driving oil prices higher. | An array of factors has been driving oil prices higher. |
| Oil prices have risen as the sliding greenback makes oil, which is priced in dollars, cheaper to buy outside the US. | |
| The dollar hit its weakest levels against the pound since 1981 on Wednesday. | The dollar hit its weakest levels against the pound since 1981 on Wednesday. |
| Rising fuel costs are causing political tension in many countries | |
| At the same time, oil investors have been casting a nervous eye on Turkey's threats to carry out a major military incursion into northern Iraq to attack Kurdish rebels. | At the same time, oil investors have been casting a nervous eye on Turkey's threats to carry out a major military incursion into northern Iraq to attack Kurdish rebels. |
| In past months, there have also been concerns about the stop-start violence in Nigeria's main oil producing region, the international community's unresolved nuclear dispute with Iran and heating supplies for the US winter. | In past months, there have also been concerns about the stop-start violence in Nigeria's main oil producing region, the international community's unresolved nuclear dispute with Iran and heating supplies for the US winter. |
| Mexico was forced to halt one-fifth of oil production at the start of the week by a tropical storm hitting its Caribbean coast, sparking further supply fears, but it now expects to resume full production by Wednesday. | Mexico was forced to halt one-fifth of oil production at the start of the week by a tropical storm hitting its Caribbean coast, sparking further supply fears, but it now expects to resume full production by Wednesday. |