Oil Hits New Record

Oil prices steadied at US$109 a barrel today after hitting a record high this week, climbing close to US$110 a barrel.

The US is expected to announce rising inventories today in a government report which could reveal crude stocks increasing by 1.7 million barrels, writes Reuters.

US crude was 16 cents higher at US$108.75 a barrel today, off the record high of US$109.72, while London Brent was up 12 cents to US$105.37, off an all-time high of US$105.82.

By staff writer