CNN: "Dwindling U.S. oil stockpiles, worldwide demand, falling U.S. dollar, pipeline attack..."

Oil hits another record above $97
Fears of dwindling stockpiles in the United States, a falling dollar and projections of strong demand push crude closer to $100.
By Steve Hargreaves, CNNMoney.com staff writer
November 6 2007: 4:36 PM EST



http://money.cnn.com/2007/11/06/markets/oil_record/index.htm?cnn=yes

NEW YORK (CNNMoney.com) -- Oil prices set another record high Tuesday, jumping over $2 on fears of dwindling supplies in the United States, projections for strong worldwide demand and a falling U.S. dollar. A suicide bombing in Afghanistan that killed at least 35 people and a pipeline attack in Yemen also helped push prices higher.

U.S. light crude for December delivery gained $2.72 to settle at $96.70 a barrel on the New York Mercantile Exchange, surpassing the previous closing high of $95.93 set Friday. Crude hit an intraday high of $97.07, surpassing the previous intraday record of $96.05, also set Friday.

Crude, already up more than $2 in morning trade, rose further after the Energy Information Administration issued a report showing worldwide demand unchanged, despite high prices.

EIA said the forecast for oil use growth worldwide in 2008 was unchanged at 1.5 million barrels per day. This was despite the fact prices have risen 20 percent.

$97.89 and climbing.

http://www.bloomberg.com/energy/