Oil prices breach record $US99

OIL prices rose above $S99 dollars per barrel in Asian trade today, within striking distance of the $US100-dollar level, as the US dollar slumped further, dealers said.

Concerns over tight global supplies was also helping push prices up, they said. The New York contract had closed at a new record of $US98.03 overnight.

In early morning Asian trade, oil prices pushed even higher.

New York's main contract light sweet crude for January delivery set a new intraday trading high of $US99.29 a barrel, breaking its previous record of $US98.62 set on November 7.


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