THIS time last year, when the price of oil was about $68 per barrel, the debate was whether or not the price could rise above the $100 mark, with the general feeling that such an event was unlikely.

Oil prices have risen to a record high of $122.73 in bullish trading yesterday with the London Brent contract touching $120.99.

US crude oil prices reached their highest level since 1990 yesterday, as ongoing global terrorism fears continue to put an upward pressure on the market.

WORLD oil prices climbed further yesterday after a surprise decision by the Organisation of Petroleum Exporting Countries to tighten oil supplies that analysts said will put the heat under crude markets this winter.