Oil prices breach 99 dollars

SINGAPORE, Nov 21, 2007 (AFP) – Oil prices rose above 99 US dollars per barrel in Asian trade on Wednesday, within striking distance of the 100-dollar level as the greenback slumped further, dealers said.

Concerns over tight global supplies was also helping push prices up, they said.

In early morning trade New York’s main contract light sweet crude for January delivery set a new intraday trading high of 99.29 dollars a barrel, breaking its previous record of 98.62 dollars set on November 7. The New York contract had closed at a new record of 98.03 dollars on Tuesday.