World oil prices paused today after a record-breaking run to $101.32 a barrel, fuelled by intensifying supply concerns.
New York oil blasted its way to the historic pinnacle overnight amid growing speculation that crude exporters' cartel OPEC could cut output next month.
Today, New York's main contract, light sweet crude for delivery in April, slid 33 cents to $99.37 per barrel. The March contract expired yesterday at an all-time closing high of $100.74.
Brent North Sea crude for April delivery shed 60 cents to $97.82 today, after striking a new record peak of $99.22 yesterday.
Meanwhile, today the market dampened slightly after the US government's Energy Information Administration revealed that American crude oil stockpiles rose by 4.2 million barrels in the week to 15 February.
That was the sixth weekly increase in a row and beat analysts' forecasts for a rise of 2.6 million barrels.
Gasoline or petrol inventories grew by 1.1 million barrels last week, which compared with market expectations for a gain of 450,000 barrels.
In the near-term, the oil market will be heavily influenced by any decision of the Organisation of Petroleum Exporting Countries on output levels at its next meeting on 5 March.
OPEC ministers kept the official daily output ceiling at 29.67 million barrels of oil at an emergency meeting on 1 February, resisting calls from US President George W Bush to increase supplies to help bring down prices.
Now the market is rife with speculation that OPEC, which supplies about 40% of the world's oil, will keep steady or even decide to cut production.
