Oil Hits New Record $109

Oil Close To Breaching $110 A Barrel

Oil came close to breaching $110 a barrel, boosted by signs that demand in China remained robust and investors were seeking protection against further weakness in the US dollar. The rise in oil prices came after the International Energy Agency, the western countries’ energy watchdog, said that global oil demand growth in 2008 was relatively robust in spite of record prices and an economic slowdown in the US.