Oil creeps closer to $100 a barrel

08.11.2007

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Oil prices edged closer to the psychologically important $100 a barrel level on Wednesday, after severe weather caused the closure of several North Sea oil production platforms.

West Texas intermediate crude, which rose almost $3 during Tuesday’s session, advanced further to $98.62 a barrel ahead of the latest data for US crude oil inventories.

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The latest increase came as the International Energy Agency published its annual World Energy Outlook, containing a stark warning that strong demand from China and India would ramp up long-term prices.

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Oil creeps closer to $100 a barrel

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