It Keeps Going Up - Oil Reaches New Record High

Oil prices reached a record high Tuesday, following a U.S. government report that oil inventories will fall this year.

Crude oil prices closed at $96.67 cents a barrel in New York, after briefly climbing above $97 a barrel during the day’s trading.

The U.S. Energy Department says that while stocks decline, demand for oil will continue to grow in the fourth quarter of this year, despite record high prices.

Also Tuesday, gold reached its highest price since 1980, at nearly $825 per ounce.

Analysts say a weak U.S. dollar, which is at a record low against the euro, has made investors turn to oil and precious metals to counter the risks of inflation.

by VOA News

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