November 22, 2007
CRUDE oil rose above $US99 a barrel for the first time after a fire at an oil-sands plant in Canada raised concerns about supplies to US refineries.
New York futures rose to within US71¢ of $US100 a barrel after the blaze at a Royal Dutch Shell plant in Alberta cut its 155,000-barrel-a-day output by more than half.
“Now that we are so close to $100, we have to get there,” said Dariusz Kowalczyk, chief investment strategist with CFC Seymour in Hong Kong.
Crude oil for January delivery climbed as much as $US1.26, or 1.3%, to a record $US99.29 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract climbed $US3.39, or 3.6%, to $US98.03 a barrel yesterday, the highest close since trading began in 1983. read more
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