17-04-2008
Price of oil near new high
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The price of oil has neared a new high during trading in Asia, it has emerged.
According to reports, the price of oil increased to a per barrel rate of close to $115 (£58.13) during trading; although Asian markets yesterday priced US light, sweet crude at $115.21, they have today fallen to a lower price of $114.97.
The price of oil has been linked with the weakness in the US dollar.
"The market is driven by investors piling money into oil because of the weakening dollar," said Victor Shum, a representative from energy consultants Purvin and Gurtz.
"Until the dollar really stabilises, financial investors will continue to prop up prices."
And while the price of Brent crude did at one point rise to $112.83, the value has now declined.
In related news, there are concerns that Nigeria's oil reserves could, by 2015, fall by one third, according to a report by the Financial Times.