Sunday, October 21, 2007

$100 Per Barrel Around The Corner

Oil Hits New High At $90

After a breathtaking week in which crude prices notched records every day, oil pierced the $90 US mark for the first time Friday and opened the door for a run to triple-digit territory. Oil prices have charged ahead almost $12 US -- about 15 per cent -- in the past two weeks on fears of a winter supply crunch and a weakening U.S. dollar, combined with renewed tensions in the Middle East. A hundred dollars is going to happen, the question is when," Phil Flynn, an analyst with Alaron Trading in Chicago, said in an interview. "There's still some variables out there. . . If we do get an event or a disruption of supply we could see $100 next week."

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