Business | Oil & Gas
Channel Sponsor
Oil continues to advance on supply concerns
Oil advanced for a fourth day on Monday, supported by an escalating row between Opec member Venezuela and oil major ExxonMobil.
- Reuters
- Published: 00:35 February 19, 2008
London: Oil advanced for a fourth day on Monday, supported by an escalating row between Opec member Venezuela and oil major ExxonMobil.
The quarrel between Venezuela and Exxon has helped oil bounce back from this year's low of $86.11, but worries about a slowdown in top oil consumer the United States could prevent a return to record highs of $100 a barrel struck in early January.
US crude was up 80 cents at $96.30 a barrel by 1515 GMT. On Friday it had closed four cents higher at $95.50, after touching a one-month high of $96.67.
London Brent crude was up 70 cents at $95.33.
"Oil prices are remaining at firm levels, buttressed by perceived supply side risks," David Moore, a resource analyst at the Commonwealth Bank of Australia, said in a research note. There is also evidence of investors moving back into oil, which could point to further price strength.
Speculators on the New York Mercantile Exchange, for example, increased net long positions last week, according to data from the Commodity Futures Trading Commission.
Net crude long positions increased to 39,922 in the week ending February 12, up from to 27,448 in the previous week.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Cafe Nero's premium coffee blends
UK chain plans to open 50 outlets in region following UAE launch
-
Emirates to fly direct to Tokyo
Airline considers code-share deal with JAL after adding second destination in Japan
-
Work on world's longest sea crossing
The proposed Qatar-Bahrain causeway project is estimated to cost Dh9.9 billion
