Oil price at record $100 a barrel Wednesday, 2 January 2008, 22:04 GMT
Oil passes $98 on weaker dollar Wednesday, 7 November 2007, 22:55 GMT
Oil retreats after breaching $96 Thursday, 1 November 2007, 21:20 GMT
Supply fears push oil above $92 Friday, 26 October 2007, 20:45 GMT
Oil reaches new records above $87 Tuesday, 16 October 2007, 19:40 GMT
Crude oil hit a record high of $78.77 Wed Aug 1, 2007 11:20am EDT
Why global oil prices are rising September 01, 2005
Oil is a major source of energy the world over. When energy (read oil) is available at low prices, the outlook towards growth is optimistic and vice versa. Crude oil prices have been rising continuously since 1998, when the price was $10 a barrel.
Since the death of the King Fahd of Saudi Arabia on August 3, crude oil prices have crossed $60 a barrel. Recently, crude prices crossed $70 a barrel as the hurricane Katrina hit the United States and brought production in the Gulf of Mexico to a halt.
All this has led to talk of sustained high prices in the days to come. But, as history tells us, oil is a cyclical business: prices go up only to come down again. So the question that needs to be asked is: why have oil prices been going up and will this increase continue in the days to come?
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