Friday, October 19, 2007

Oil prices touch above $90 level

BBC

Oil prices have broken through $90 a barrel for the first time, lifted by the low dollar and ongoing concerns over tensions in eastern Turkey.

US light crude rose to $90.02 in late Thursday trading in New York, before pulling back to $89.54 in early Friday trade in the Far East.

Meanwhile, London's Brent had fallen back 12 cents to $84.48 from its overnight close of $84.60.

The weak dollar has made oil a more attractive investment.

The greenback remains near record lows against the euro, and a three-week low against the yen, not helped by weak US jobs and manufacturing data on Thursday.

This has increased expectations that the Federal Reserve will cut US interest rates further from the current 4.75% later this month......

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