NEW YORK, Feb 20, 2008 (AFP) – New York oil prices struck a record 101.27 dollars a barrel Wednesday on renewed global supply jitters. Oil prices have jumped in the past couple of days amid the supply concerns. The latest price spike burst a prior record peak for New York oil prices of 100.40 dollars struck earlier Wednesday.
Prices have risen amid growing speculation that the Organization of the Petroleum Exporting Countries, which supplies about 40 percent of the world’s oil, may cut output at a looming March 5 meeting in Vienna, Austria.
Analysts expect OPEC to cut its production in anticipation that world oil demand will fall as the northern hemisphere winter draws to a close and because of fears tied to slowing US economic growth.
The United States is the world’s biggest oil consumer.
Prices, however, remained volatile and New York oil values retreated after striking the fresh record high.
New York’s main oil futures contract, light sweet crude for March delivery, jumped to 101.27 dollars a barrel at 1913 GMT in volatile price action.
Traders said the market had also been unsettled over a legal spat b