Crude-oil futures hit $83

Markets were thrown into indecision today (October 11th) by further increases in the price of crude-oil futures.

Rising oil prices have recently led market investors to refrain from big investments, with the concern of higher fuel costs serving to slow the economy, causing a widely felt knock-on effect through US businesses.

New inventory data from the energy department was blamed for the price hike, which for November delivery crude-oil saw prices go up $1.73 to reach a worryingly high $83.03 a barrel on the New York Mercantile Exchange.

The data in question showed a drawdown in inventories of crude-oil for the week to October 5th, putting paid to brighter expectations which in fact anticipated a rise in supplies.

Perhaps the happiest people on the market were those looking to buy gold, with soaring oil prices for many spelling a looming rise in inflation, against which gold investment is seen as a shrewd safety bet.