Oil prices ricochet to US$97 after peaking near US$100

23-Nov-07
After peaking near US$100 a barrel, oil prices eased on concerns over weak crude supplies and the falling dollar. Investors took a cautious stance to protect their positions since US floor trading was shut on Thursday on account of the Thanksgiving holiday. New York's main contract, light sweet crude for January delivery, fell to US$96.90 per barrel in electronic trade. The contract had hit an historic high of US$99.29 on Wednesday. London's Brent North Sea crude for January delivery dipped to US$94.63 per barrel, after striking an all-time peak of US$96.53 on Wednesday. Oil prices missed spiking above US$100 per barrel on Wednesday, despite official data which showed that US energy stockpiles fell more heavily than expected last week. Heating fuel demand is expected to pick up as the Northern hemisphere winter kicks in next month. USA's northeast region is the world's biggest user of heating oil.
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