Business

Oil & Gas
Oil price hits $84 a barrel

Agencies
Published: October 14, 2007, 11:52

New York: Oil prices reached a new record high on Friday, surging past $84 a barrel.

US sweet, light crude reached a high of $84.05 on Friday before falling back down to finish trading on $83.69.

Fears that the supply from Iraq will fall – with Turkey threatening to take military action in the north of Iraq – have led the spike in prices.

Falling stockpiles of US crude – the US department of energy said its stocks fell by 1.7m barrels - have also contributed to the rise.

The Organisation of the Petroleum Exporting Countries (Opec) has agreed to boost crude supplies by 500,000 barrels a day from November, but many analysts are unsure whether this will be enough to cater for the winter demand in the US.

http://www.gulfnews.com/business/Oil_and_Gas/10160217.html