Tapis (Asia-Pacific Benchmark Oil) Hits $100.54 US/Barrel On Singapore Exchange

SINGAPORE -- Asia-Pacific light sweet crude benchmark Tapis hit three-digit levels for the first time, ahead of Western bellwethers, on fears of a winter squeeze in the Northern hemisphere, Reuters data show.

Malaysia's flagship Tapis crude for December loading rose to $US100.54 a barrel, up $US2.32 from its settlement on Tuesday, according to Reuters calculations.

Meanwhile, US oil prices meanwhile surged above $US98 a barrel, ploughing deeper into record territory as the dollar plumbed new lows and traders worried about a winter fuel crunch due to thinning oil stocks and a North Sea storm.

And in a report released earlier today, the IEA has warned of a looming global supply shortage that has the potential to send prices even higher. "We're going to get $100 before too long," said Kevin Norrish of Barclays Capital. US crude rose $US1.46 by 2340 AEDT to $US98.16 having earlier hit a record $US98.62. London Brent crude also hit a new peak of $US95.19, and was later up $US1.30 at $US94.56.

EDIT

http://www.businessspectator.com.au/bs.nsf/Article/Tapis_crude_breaks_US100_a_barrel_8Q7H7?OpenDocument

the real one

I noticed that WTI seems to be huffing and puffing past $98, hot on the heels of its light, sweet Asian counterpart.

Here's to interesting times! :toast: