Oil Watch: 10/29/2007 - 11/03/2007 - Prices, Causes, and Effects

Closing price: $95.93 per barrel.
National gas average: $2.97

Prices continue to rise…

Cause(s):
1. Weak dollar (again)
A lower dollar makes oil cheaper in countries that use other currencies.
2. Nigerian output disruptions (again)
A rebel attack struck an oil rig. (again)
3. Shortage fears
Investors fear winter shortages

Effect(s):
Gas prices slowly rising, along with heating oil prices.