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Oil moves in on the 100 dollars a barrel mark

Oil prices continue to rise and closed near the 100 dollars a barrel milestone while the US currency remains weak.
US light, sweet crude hit 99.29 dollars in Asian trading and London Brent crude rose 50 cents to close to 96 dollars a barrel.
A barrel of oil began the year at 61 dollars a barrel and from August prices have shot up some 45 percent as speculative investment rises, supplies tighten pushing the dollar down.
The price of oil is having an impact on Asian markets and despite overall growth oil prices may damage prosperity.
Kim Jung Hyon is a South Korean Financial analyst, he said, " The oil price is highly likely to exceed 100 US dollars because the weak US dollar pushes up commodity prices and the oil demand is expected to rise in winter. This will raise the cost burden on companies and increase inflationary pressures."
Some 32 percent of people surveyed in the US said they would drive less if oil prices kept rising.




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