Business | Oil & Gas
Oil eases to $91 but concerns stay
Oil eased to $91 a barrel on Monday as traders booked profits from sharp gains the previous session, but concern of further supply disruptions offered support.
- Reuters
- Published: 20:04 February 11, 2008
London: Oil eased to $91 a barrel on Monday as traders booked profits from sharp gains the previous session, but concern of further supply disruptions offered support.
US crude fell 67 cents to $91.10 a barrel by 1510 GMT, after climbing more than $3 on Friday. London Brent dropped 66 cents to $91.28.
Oil rose nearly a dollar earlier in the session, supported by Venezuela's threat to stop sending oil to the world's top fuel consumer, the US.
"Crude oil [is] in a wide price range as the market seems to be weighing fresh supply threats against clear indications of a slowing economy and weakening oil demand," said John Kilduff, senior vice-president at MF Global.
Venezuelan President Hugo Chavez made the threat on Sunday, after an ExxonMobil lawsuit froze $12 billion of Venezuelan assets to step up Exxon's push for compensation for a nationalised oil project.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
