Oil pushes ever higher

A storm in the North Sea helped to push the oil price closer to $100 a barrel today, as the average price of a litre of petrol broke through £1 for the first time in the UK.

A barrel of US light crude oil hit a new all-time high of $98.62 this morning, having reached $97.07 in fevered trading yesterday. Brent crude also rose again, hitting a new high of $95.19.

The rise was partly spurred by the declining dollar, which hit a new 26-year low of $2.1053 against the pound in morning trading in London.

Oil pushes ever higher | | Guardian Unlimited Business

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