Oil price hits $34 a barrel

The price of a barrel of crude oil hit $34 before falling back slightly to $33.90.

The prices were close to a three-week high after being buoyed by evidence of depleted US fuel stockpiles and forecasts of further cold weather in North America.

Continued tensions in the Middle East also lent support to the markets.

Weekly figures from the American Petroleum Institute showed an across-the-board fall in US crude and refined products stocks.

Last updated: 09:30 Wednesday 11th October 2000.

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-- Martin Thompson (mthom1927@aol.com), October 11, 2000