{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Trading floor and analyst as oil prices hit $98 per barrel' data-url='/boclips/videos/5c54c506d8eafeecae16d139' data-video-url='/boclips/videos/5c54c506d8eafeecae16d139' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nTrading floor and analyst as oil prices hit $98 per barrel\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of Hong Kong Stock Exchange trading floor 2. Various of screen showing trading stock 3. Various of dealers working on trading floor 4. Close-up of computer screens showing stock prices 5. Set-up of Senior Manager of Tyche Group,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of Hong Kong Stock Exchange trading floor \u003cbr/\u003e2. Various of screen showing trading stock \u003cbr/\u003e3. Various of dealers working on trading floor \u003cbr/\u003e4. Close-up of computer screens showing stock prices \u003cbr/\u003e5. Set-up of Senior Manager of Tyche Group, Martin W. Hennecke \u003cbr/\u003e6. SOUNDBITE (English) Martin W. Hennecke, Senior Manager of Tyche Group:\u003cbr/\u003e\"Well, I mean, first of all some people might be thinking at first it's just because of the demand for oil, but I think what we are seeing now, especially in the last few days is the US dollar is sinking and there's a big US financial crisis too, and I think that's certainly one of the reasons lot of investors are selling off US dollars, looking for other currencies, but also looking for tangible assets as a way to shelter from the US dollar crisis.\" \u003cbr/\u003e7. Close-up of Hennecke's hands \u003cbr/\u003e8. SOUNDBITE (English) Martin W. Hennecke, Senior Manager of Tyche Group:\u003cbr/\u003e\"I think it will grow up in absolute terms, but in the short term I think if the sub prime crisis really worsen very fast in the United States, it's also possible to see a short term correction, especially in basic matters and oil. But long term surely they will be much much higher and they will possibly know US dollar be around anymore then.\" \u003cbr/\u003e9. Wide of trading board showing price of Sinopec Corp  \u003cbr/\u003e10. Dealer working on trading floor \u003cbr/\u003e11. Pan of trading floor \u003cbr/\u003eOil prices jumped to a new trading record above 98 US dollars a barrel on Wednesday amid expectations of declining US supplies and following news of an attack on a Yemeni oil pipeline.\u003cbr/\u003eLight, sweet crude for December delivery rose as high as 98.03 US dollar a barrel in Asian electronic trading on the New York Mercantile Exchange.\u003cbr/\u003eThe contract on Tuesday hit a high of 97.10 US dollars before closing at 96.70 US dollars a barrel, a record settlement.\u003cbr/\u003eAn analyst said it is not only due to the demand for oil. \u003cbr/\u003e\"Some people might be thinking at first it's just because of the demand for oil, but I think what we are seeing now, especially in the last few days is the US dollar is sinking and there's a big US financial crisis too,\" Martin W. Hennecke, senior manager of Tyche Group said.\u003cbr/\u003e\"I think that's certainly one of the reasons lot of investors are selling off US dollars, looking for other currencies, but also looking for tangible assets as a way to shelter from the US dollar crisis,\" he added .\u003cbr/\u003eThe price of oil shares in Hong Kong rose in the morning. \u003cbr/\u003eSinopec Corp raised three percent to HKD 11.38 per share. \u003cbr/\u003eTraders remain worried about whether supplies will be adequate to meet demand for heating fuel in the approaching Northern Hemisphere winter. \u003cbr/\u003eNews of an attack on Monday on an oil pipeline in Yemen added to those concerns.\u003cbr/\u003e\"In the short term I think if the sub prime crisis really worsen very fast in the United States, it's also possible to see a short term correction, especially in basic matters and oil. But long term surely they will be much much higher and they will possibly know US dollar be around anymore then,\" Martin W. Hennecke said. \u003cbr/\u003eFigures to be released later on Wednesday by the US Energy Department's Energy Information Administration are expected to show crude supplies dropped last week. \u003cbr/\u003eAnalysts surveyed by Dow Jones Newswires predict, on average, that crude oil inventories fell by 1.6 million barrels.\u003cbr/\u003eOil inventories likely fell due to a suspension of output at Mexico's state oil company Petroleos Mexicanos, a major crude exporter to the US, which temporarily shut its ports last week due to severe weather.\u003cbr/\u003eOn Tuesday, the EIA predicted oil consumption will rise in the fourth quarter and next year despite higher prices, and that inventories will fall.\u003cbr/\u003eThe weak US dollar, which fell to a new low against the euro on Tuesday, is also lifting oil prices. \u003cbr/\u003eOil futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.\u003cbr/\u003eAnalysts also expect the EIA to report on Wednesday that gasoline inventories rose by 200,000 barrels during the week ended November 2, while supplies of distillates, which include heating oil and diesel fuel, fell by 500,000 barrels.\u003cbr/\u003eThe analysts expect that refinery use grew by 0.8 percentage point to 87 per cent of capacity.\u003cbr/\u003eIn London, Brent crude rose 78 cents to 94.04 US dollar a barrel on the ICE Futures exchange. \u003cbr/\u003eA number of North Sea oil platforms were being evacuated on Tuesday in advance of expected severe weather.\u003cbr/\u003eHeating oil futures added 2.89 cents to 2.6367 US dollar a gallon (3.8 litres) while gasoline prices rose 2.4 cents to 2.459 US dollars a gallon.\u003cbr/\u003eNatural gas futures rose 6.2 cents to 7.925 US dollar per 1,000 cubic feet.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' 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