Oil hits $84 a barrel: record high fuelled by dollar weakness

Monday has seen the price of oil rise to $84 a barrel; it seems that the upward trend in the price of oil shows no signs of changing. Much of the cause has been due to tensions between Turkey and Iraq, also the upcoming winter worries in the US and the biggest reason for the high oil prices is due to a weakness in the dollar. The worrying thing is will the price of a barrel of oil ever reach $100 I fear that it could do.

U.S light sweet crude is now at $84.27 a barrel which is a rise of 58 cents, while London Brent crude stands at $81.26, an increase of 62 cents. The reason for this sudden increase was due to the Kurdistan Workers Party, as they announced that they would move back into Turkey from northern Iraq. They have also said that they will target the Turkish government.

Oil has now been around $80 for about a month now so it does show that we will be in the 80 dollar bracket or more for some time to come.

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