Business | Oil & Gas
Dubai crude crosses $100 for first time
The spot price of Dubai crude oil, South Korea's benchmark, crossed $100 per barrel for the first time as the US dollar continued to weaken, Korea National Oil said on Saturday.
- WAM
- Published: 00:01 March 16, 2008
Seoul: The spot price of Dubai crude oil, South Korea's benchmark, crossed $100 per barrel for the first time as the US dollar continued to weaken, Korea National Oil said on Saturday.
South Korea, the world's fifth-largest oil importer, was expected to post a current account deficit of some $7 billion due to higher prices of oil and other raw materials.
Friday figures
As of Friday, the price of Dubai oil closed at $100.18 per barrel, up $1.15 from the previous day, the state-run oil company said in a statement.
On the same day, Western Texas Intermediate crude for April delivery declined to $110.21 a barrel on the New York Mercantile Exchange, the company said.
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