Oil 'could hit $95 a barrel this year'
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Business & money: Opec under pressure to increase production after warning that prices could peak by end of year.
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Oil held near its lifetime high of $100 a barrel on Thursday, fuelled by expectations of another fall in U.S. fuel stocks and a struggling U.S. dollar.
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The value of Australia&#39;s commodity exports is expected to hit $95 billion this financial year, with minerals and energy expected to drive the improvement.
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World oil prices have shot to record highs as concern grows about even more expensive fuel at the petrol pumps. In London, Brent North Sea crude oil for delivery in November surpassed $50 a barrel for the first time in the contract&#39;s 16-year history.
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Although the recent flurry of record oil prices might be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.
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Business & money: Crude oil over $100 a barrel for the first time, following jitters over possible tightening of supply
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Oil prices hit $100 a barrel Wednesday for the first time ever, amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies
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U.S. crude oil futures hit a record $100 a barrel on Wednesday, surging more than $4 as violence in OPEC members Nigeria and Algeria combined with a weak dollar and a cold snap to boost crude futures.
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Though oil prices have eased slightly, they remain close to record high points approaching $55 a barrel. World oil prices have more than doubled from about $20 a barrel in New York at the start
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"Further Turkish military efforts against the PKK rebels keeps the geopolitical pot boiling in that oil flows from Iraq could potentially be disrupted"  LONDON * Oil rose to a one-month high above $96 a barrel yesterday ahead of a US government report expected to show crude inventories in the world's top consumer fell for a sixth straight week. via The Peninsula
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Oil rose back to near $59 a barrel on Wednesday after Kuwait said it may join other OPEC countries in cutting output if prices continue their three-month slide.
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Oil prices surged above $55-a-barrel on Friday as concerns about the global supply of winter fuels persist ahead of the Northern Hemisphere winter.
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Oil will continue to trend higher after hitting fresh highs over $82 a barrel but is unlikely to puncture the $100 level this year, Texas oilman and investor T. Boone Pickens said on Wednesday.
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Crude oil prices are back above the $47 a barrel mark after an energy market watchdog raised its forecasts for global demand.
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Global oil prices should retreat in  2005, barring big political shocks, after surging 32 percent  this year, the International Energy Agency's chief economist  Fatih Birol told Reuters in an interview.
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Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles, and a weak dollar triggered a flood of speculative buying, dealers said.
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Oil prices jumped almost $1 to more than $62 a barrel this afternoon after the Organization of Petroleum Exporting Countries announced plans to cut production by 500,000 barrels a day.