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Tapis Crude Breaks $US100 A Barrel [View All]

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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-07-07 08:51 AM
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Tapis Crude Breaks $US100 A Barrel
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Source: Business Spectator

SINGAPORE -- 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.

EDIT



Read more: http://www.businessspectator.com.au/bs.nsf/Article/Tapis_crude_breaks_US100_a_barrel_8Q7H7?OpenDocument



Well, that was fast.
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