Crude prices leap to new record on supply worries
By Himendra Mohan KumarStaff Reporter GULF NEWS Published: September 18, 2007, 23:50
Abu Dhabi: Crude oil futures in the United States, the world's largest oil importer, surged to a new record high of $81.24 a barrel yesterday amid concerns of tightening supply in the market and fears that prices could well be in sight of touching $100 a barrel when the winter demand sets in.
An official at the Organisation of Petroleum Exporting Countries (Opec), the group that supplies more than a third of the world's oil, told Gulf News that while the Opec is keeping a close eye on the developments, the situation doesn't immediately warrant another increase in supplies to water down prices.
"If the current situation persists for several days and if prices continue to rise, I don't rule out Opec ministers trying to find a solution," said the source.
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