Oil Prices Soared to $98

Oil prices soared further on Wednesday, touching $98 amid weaker dollar and traders fretted about a winter fuel crunch due to thinning oil stocks and a North Sea storm.

U.S. light, sweet crude for December rose as much as $1.30 to $98 a barrel in active trade of over 9,000 lots, soaring past the previous record $97.10 touched on Tuesday.

London Brent crude also hit new peaks and stood 74 cents higher at $94 a barrel on the ICE Futures.