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Oil to break $US100-a-barrel record

Oil prices are rising again but are still within the mid-US$ 90-per-barrel range after spiking above $US98 per barrel on Wednesday.

The initial drive was caused by the weak U.S. dollar as well as by concerns of diminishing stock ahead of winter.

Oil eased on Thursday after a speech from Ben Bernanke, the FED chairman, who cited oil as a factor that could slow economic growth. This sent shares tumbling and eased supply concerns.

Also inventory data out of the U.S. showed a lower-than-expected weekly fall and this also helped the price to retreat.

According to the latest data, light sweet for December delivery is gaining in Asian electronic trading and is hovering at more than $US96 per barrel. Brent is trading just above the $US 93 mark.