US Crude Rises to $98.80 a Barrel

8 May 2011 (Last Updated May 8th, 2011 18:30)

US Crude has risen to $98.80 a barrel due to the decreasing supplies of oil and a weaker dollar. US crude has risen by $1.62 to $98.80 a barrel while Brent crude LCOc1 for June rose by $1.39 to $110.52 a barrel, reports Reuters. This oil price increase is also attributed to t

US Crude has risen to $98.80 a barrel due to the decreasing supplies of oil and a weaker dollar.

US crude has risen by $1.62 to $98.80 a barrel while Brent crude LCOc1 for June rose by $1.39 to $110.52 a barrel, reports Reuters.

This oil price increase is also attributed to the continuing unrest in the Middle East and North Africa.

Iran OPEC governor Mohammad Ali Khatibi said he expected the price of oil to rise again during the start of the summer season, but said the market was well supplied.