Crude oil prices set new record high $100.88 on supply concerns

www.chinaview.cn 2008-02-27 05:08:09

NEW YORK, Feb. 26 (Xinhua) --

Crude futures set a new record close of 100.88 U.S. dollars a barrel Tuesday on supply concerns.

Prices were boosted on concerns about supply disruptions from unrest in Iraq, a major oil exporter, and warnings by Iran against further international sanctions.

Cold weather across the Midwest and Northeast in the United States has also helped push heating oil prices higher.

Light, sweet crude for April delivery jumped 1.65 dollars to 100.88 dollars a barrel on the New York Mercantile Exchange after hitting a new trading record of 101.15 dollars a barrel.

The U.S. government inventories report is expected to show supplies of distillates, which include heating oil and diesel, fell by 2 million barrels last week, according to a Dow Jones Newswires poll of analysts. Heating oil futures set a new trading record of 2.8175 dollars a gallon.

Oil prices have risen in recent days amid an increase in speculative buying, with some traders believing that global demand will be high enough to support higher crude prices even if the U.S. economy is slowing.

Editor: Yan Liang

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