US crude oil hits a $70-a-barrel high

WEST Texas sweet crude oil for delivery next March hit $70 per barrel in New York yesterday - the highest price ever - as a result of the current crisis gripping the market.

Meanwhile current prices slipped from yesterday’s record high of $68 a barrel as a tropical storm appeared to steer away from vulnerable Gulf of Mexico rigs serving the world’s biggest market, the United States.

Financial bookmakers said they would start taking wagers on $100 a barrel oil if the price broke through $70 per barrel in the near future.