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Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

By Rob Quinn, Newser Staff

Posted Nov 21, 2007 4:05 AM CST

(Newser) – The price of oil hit a record high mere pennies from $100 a barrel and the dollar sunk to a new low in early trading today. Oil hit $99.29 but slipped back to $98.64. With cold weather hitting the US, and OPEC supplies limited, some analysts think oil prices could hit the $100- a-barrel milestone as early as today. The continued drop in the dollar against other currencies is helping fuel the rise.

Speculation that the Fed will cut interest rates for the third time this year helped send the dollar to a new low against the euro and other currencies, making oil and other commodities a better buy for holders of those currencies. The US Energy Department is scheduled to release its weekly report on inventories later today.

An oil refinery in Whiting Ind. is seen Wednesday, Nov. 7, 2007. Oil prices stalled in their climb toward $100 a barrel Wednesday after a government report said oil inventories fell less than expected... (Associated Press)

A section of Tehran's oil refinery is seen, Iran, Saturday, Nov. 17, 2007. Iran's president said Saturday that the Organization of Petroleum Exporting Countries is "under heavy economic and political... (Associated Press)

A gasoline station attendant pumps gas in this file photo in Portland, Ore. Oil prices are nearly at the milestone of $100 per barrel. (Associated Press)

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Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

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oil • OPEC • euro • oil price • crude oil • US dollar • commodities

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More Newser Stories

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

Oil Tops $130

Supply concerns drive crude

Dollar Hit as Emerging Economies Fight Inflation

$108 oil pushes gas prices higher

Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

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Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

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OTHER STORIES ON OUR RADAR

oil • OPEC • euro • oil price • crude oil • US dollar • commodities

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Oil Gushes to Record $105.96

A weakening dollar and falling inventories of oil are pushing crude prices up

Oil Tops $130

Supply concerns drive crude

Dollar Hit as Emerging Economies Fight Inflation

$108 oil pushes gas prices higher

Dollar's Slide Pushing Oil Prices Higher

Economic data hammers the greenback as worries about US economy deepen

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?