Oil leaps to a record $97 as dollar dips and supplies tighten
17 Nov 2007
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Mumbai: Crude oil prices rose more than $3 a barrel to a new record high of $97, closing in on the $100 mark, even as tight supplies and a falling US dollar prompted investor buying.
US light crude rose $2.86 to $96.85 a barrel by 1552 GMT. London Brent crude rose $2.67 to $93.16 a barrel, off highs of $93.38.
Oil''s surge from below $70 in mid-August has been stoked by a weak dollar and speculative inflows into oil and other commodities - and extended by evidence of dwindling supply.
