Oil prices surpass $90-a-barrel for first time
Friday, 19 October 2007
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International oil prices have surpassed the $90-a-barrel level for the first time due to the weak US dollar and tensions in eastern Turkey.
Prices went just above $90 last night before falling back slightly this morning.
The latest rise is being blamed on European investors and speculators taking advantage of the weak dollar, as well as Turkey's threat to invade northern Iraq in pursuit of Kurdish rebels.
The oil-producers' cartel OPEC has said it may increase production in an effort to reduce prices.
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