Crude Oil Prices Break New Record High Heading Towards $100 a Barrel

Another record has been set in crude oil prices. The price of crude lept past US $94.00 a barrel. New York Mercantile Exchange crude oil for December delivery closed at US$94.23 per barrel, after peaking at US$94.74. the highest price on record.

On the Intercontinental Exchange, December Brent Crude also rose to a record US$90.63 after touching an all-time high of US$90.94.

Today’s rise is said to be mainly caused by the United States Department of Energy’s inventory report that showed an unexpected drop in crude oil stockpiles of nearly 4 million barrels of oil.

Other concerns affecting the price include tropical storm Noel which has resulted in one-fifth of the Gulf of Mexico’s oil production being suspended while the storm passed. Also mounting tension in Turkey and Northern Iraq and the on off violence in Nigeria’s oil region are helping to destabilize prices.

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