Source:
Business SpectatorSINGAPORE -- Asia-Pacific light sweet crude benchmark Tapis hit three-digit levels for the first time, ahead of Western bellwethers, on fears of a winter squeeze in the Northern hemisphere, Reuters data show.
Malaysia's flagship Tapis crude for December loading rose to $US100.54 a barrel, up $US2.32 from its settlement on Tuesday, according to Reuters calculations.
Meanwhile, US oil prices meanwhile surged above $US98 a barrel, ploughing deeper into record territory as the dollar plumbed new lows and traders worried about a winter fuel crunch due to thinning oil stocks and a North Sea storm.
And in a report released earlier today, the IEA has warned of a looming global supply shortage that has the potential to send prices even higher.
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Read more:
http://www.businessspectator.com.au/bs.nsf/Article/Tapis_crude_breaks_US100_a_barrel_8Q7H7?OpenDocument
Well, that was fast.