Oil price surges past $90 mark
October 23, 2007
Oct 23, 2007 -- /prbuzz/ --Tension in Turkey and a weak dollar have combined to send the price of
oil through the $90 barrier.

The weakness of the dollar means oil is now a more attractive investment
opportunity and prices have surged by 13 per cent in the last two weeks
alone.

Oil has also gained in popularity as an investment as speculators are
attempting to avoid markets which have been affected by the global
credit crunch.

This increase in demand resulted in the price of US light crude rising
to $90.02 in New York late on Thursday, achieving a sixth record high in
as many sessions in the process.

The market has also been affected by fears that Turkey could launch
military action in northern Iraq which could affect supply levels.

"The dollar weakened further, spurring some investment into oil as a
hedge against dollar weakness," David Moore, commodity strategist from
the Commonwealth Bank of Australia, confirmed in an interview with
Reuters.

"And there are still concerns that oil market conditions will remain
tight over the northern winter."

Further analysis of the oil markets could be supplied by Aranca, an
end-to-end provider of on-demand, custom investment, business and
economic research.

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About the Press Release
London, Monday, October 22, 2007 -- ARANCA NEWSTRACK -- www.aranca.com


 
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