Business | Oil & Gas
Oil climbs above $94 as dollar woes persist
Oil edged higher to stand above $94 a barrel on Monday, supported by a weak dollar and after some Opec members pushed for action to stem their declining purchasing power.
- Reuters
- Published: 00:27 November 20, 2007
- Stark divisions over falling dollar come to fore at Opec meeting
- $200 oil warning at summit
- Opec pledges adequate oil supply
- UAE calls for green energy
- Energy 'still Abu Dhabi's backbone'
- Abu Dhabi's surplus to soar on oil revenues
- Enhanced technology 'key to energy sector'
- Opec will avoid talk of dollar impact
London: Oil edged higher to stand above $94 a barrel yesterday, supported by a weak dollar and after some Opec members pushed for action to stem their declining purchasing power.
Opec's heads of state summit in Riyadh ended on Sunday without signalling whether the producer group would agree to pump more oil at its December 5 policy meeting in Abu Dhabi.
But of greater interest to investors was the push by Iran and Venezuela - both locked in diplomatic rows with Washington - for action to offset the falling value of their dollar-denominated oil revenues.
US light crude was up 69 cents at $94.53 by 1242 GMT. It rose more than $1 in earlier trade to $95.15.
London Brent crude rose 55 cents at $92.17, off highs of $92.81.
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