Oil scales new US$97.10 peak in Asian trade

SINGAPORE, Nov 7, 2007 (AFP) – Oil powered to a new all-time trading high in Asian trade Wednesday amid expectations of a decline in US energy reserves ahead of the peak northern hemisphere winter, dealers said. At 9:15 am (0115 GMT), New York’s main contract light sweet crude for December delivery was up 52 cents to 97.22 US dollars a barrel from its closing record high of 96.70 dollars in US trades on Tuesday. The contract had topped 97.24 dollars in earlier Asian trade, eclipsing its previous all-time trading high of 97.10 dollars in US trade on Tuesday.