Oil Prices Hit US$99 a Barrel

The price of oil rose to over US$99 a barrel today as speculation increased that OPEC could increase supply next month.

The onset of cold weather in the US - a major consumer of heating oil for household use - has contributed to the rise in prices, which have climbed 40 percent since August.

Iran's Oil Minister Gholamhossein Nozari says that some OPEC members will advocate an increase in production when they meet in Abu Dhabi next week to debate whether to raise output, writes Reuters.

In September OPEC agreed to raise output by 500,000 barrels per day (bpd), but this has not stopped the continuous rise in prices.

By staff writer