Oil Trading At Around $100-mark

PRLog (Press Release) – Feb 25, 2008 – Oil prices were once again trading near $100 per barrel-mark yesterday against a backdrop of speculation over Opec's moves to cut production.

New York's main oil futures contract, light sweet crude for delivery in March climbed to $101.32 in early trading before dipping late in the day.

Meanwhile, oil due for delivery in April on the same exchanges climbed 25 cents to finish on $99.95 dollars per barrel, while Brent North Sea Crude was up 28 cents to $98.70 per barrel.

The soaring prices come as the Opec, which supplies around 40 per cent of the world's oil, is about to confirm it is to slash production at its next monthly meeting at March 5th.

Phil Flynn, an analyst at Chicago-based Alaron Trading, told the AFP news agency: "When the bull is raging you do not want to stand in front of it. Price is no object when it comes to a raging bull.

"This is especially true in the oil market where the fine line between over-supply and under-supply is getting finer every day."