Oil may cross $100 per barrel by December

Crude oil prices scaled another height and crossed $97 per barrel in trade at NYMEX. In addition to factors discussed earlier, the rise can be attributed to the supply side concerns owing to the bombing in Afghanistan and attack on a Yemen oil pipeline. Moreover US government's prediction of fall in inventory level and increased oil consumption added to the supply worries. Meanwhile the demand is remaining high ensuring the trend of oil prices intact.