By Javier Blas in London
Published: October 26 2007 07:49 | Last updated: October 26 2007 18:50
The prospect of oil prices hitting $100 a barrel moved ever closer on Friday as crude oil surged to a fresh record amid renewed geopolitical tension over Iran’s nuclear programme and low inventories ahead of the winter.
West Texas Intermediate crude jumped to $92.22 a barrel although it later pared gains and traded 85 cents higher to $91.28 a barrel. Oil prices have now risen by about 50 per cent since the start of the year.
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