Oil Price past US$146 - RECORD HIGH!

Oil has risen more than 50 per cent in 2008. This is cause by speculative activities that investors seek to hedge against the falling dollar and inflation.

Partly, US crude oil stocks down two millions barrels to 299.8 million barrels. This is the first time the stocks is below 300 million barrels since Jan 2008.

As for the oil prices, it have jump seven fold since 2002, as demand from developing countries such as China and India for domestic growth.