By DPA
Singapore : The price of crude oil hit a record Wednesday in Asian trading, surpassing $99 per barrel.
The price of light US crude, which is seen as a reference point for worldwide oil prices, rose to $99.20 per barrel in Singapore.
The hike in Asia came after the price of light, sweet crude for January delivery also surpassed $99 for the first time in New York.
It rose as high as $99.29 per barrel in electronic trading on the New York Mercantile Exchange.
Analysts attributed the price rises to the declining value of the US dollar and speculation that the US Federal Reserve would again cut interest rates.
Investors seeking to offset the falling greenback are putting their money into rising commodities, including oil futures.
Concerns about oil supply also drove up the price after Royal Dutch Shell Plc said a fire at an Alberta oil facility halved its output and might cut deliveries to US refineries.