Oil creeps above $92

US light, sweet crude rose to $92.22 a barrel this morning before falling to $91.60 in the afternoon. London Brent also reached a record level of $89.27 per barrel before falling to $88.41. The threat of US sanctions against Iran and continuing tension between Turkey and Iraq had helped the rally. An unexpected fall in US crude oil stock, of 5.3m barrels, led to further fears about supply problems, particularly with winter approaching. To help bring prices down, Opec has promised to produce a further 500,000 barrels a day from the beginning of November. The US has called for a bigger r...