Business | Oil & Gas

Oil near $120 on Turkey oil pipeline blast

Oil held steady at near $120 a barrel on Friday, rebounding from three-month lows due to an attack on a one million barrel per day pipeline in Turkey.

  • Reuters
  • Published: 07:57 August 8, 2008
  • Gulf News

Singapore: Oil held steady at near $120 a barrel on Friday, rebounding from three-month lows due to an attack on a one million barrel per day pipeline in Turkey.

US light crude for September delivery dropped 11 cents to $119.91 a barrel, while London Brent crude inched up 6 cents at $117.92 a barrel.

Oil ended $1.44 higher on Thursday, as the Baku-Tbilisi-Ceyhan oil pipeline was still ablaze after Tuesday night's explosion.

The oil link pumps more than 1 per cent of world supply from fields in the Azeri sector of the Caspian Sea to the Turkish Mediterranean coast.

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