ALERT: Oil prices break through $93 mark

Oil prices have risen to fresh highs due to a combination of the weak dollar, supply concerns in Mexico and continued tensions in northern Iraq.

In early Asian trading on Monday, US light crude broke through $93 a barrel for the first time, hitting $93.20 before easing back slightly to $93.06.

London's Brent also hit a new high of $89.90 a barrel, up $1.21.
Some analysts believe oil prices will hit $100 a barrel before the end of 2007 if current pressures persist.

Taking inflation into account, prices are still below the peak of $101 a barrel seen in 1980.

The US currency has fallen to a fresh low against the euro, making oil - which is priced in dollars - attractive to buy, analysts said.
For the rest of this BBC story, here.

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High Oil Prices Explained (GRAPH)

A significant reason for the recent highs in oil price, measured in USD, is simply continuing fall in value of the USD against other currencies. - from The Oil Drum