Oil Prices close in on $100 mark again
After retreating last week, Oil prices on the world market headed towards the US $100 per barrel mark again. The price of all moved above US$ 98, $98.30 to be exact, for the first time since it reach record heights of $98.62 on November 7, 2007.
According to an article at Bloomberg.com, analysts believe this is because of the weakening United States dollar making commodities an attractive option for investors.
The United States dollar is reported to have fallen to a new low against the Euro. Another problem for the Oil Market was reports of a fire at a Shell production plant in Alberta and it is believe this will cut output therefore affecting supplies for the United States Market.
This is once again bad news for the Jamaican Motorist as we expect PetroJam, the local refinery in Jamaica, to announce increased ex-refinery prices tomorrow.