OIL

Oil price at two-year high

Fears of a US-led coalition attack on Iraq and a national strike in Venezuela that looks like goi...

The oil price broke through $US33 a barrel in New York trading yesterday, the highest price since December 2000. In London, the price of benchmark Brent crude rose US44c to $US30.60 bbl.

The US government ordered more troops, war planes and naval vessels into the Gulf over the weekend with analysts believing February or March to be the most likely months for a US-led attack on Iraq to begin. Trade was particularly heavy in oil for delivery in March.

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