Business | Oil & Gas
Oil prices rise to $98, highest in a month
Oil rose on Tuesday to the highest level in a month, above $98 a barrel, driven by expectations that supplies will be tight.
- Agencies
- Published: 18:50 February 19, 2008
London: Oil rose on Tuesday to the highest level in a month, above $98 a barrel, driven by expectations that supplies will be tight.
US crude was up $2.60 at $98.10 a barrel by 1404 GMT,
having climbed as high as $98.35. London Brent crude rose $2.10 to $97.01.
US crude struck a record high price at $100.09 on January 3.
Tuesday's rally extends four days of gains, although trade
was limited on Monday by a US public holiday.
Prices began to rally last week after Venezuela cut exports
to Exxon Mobil, but stopped short for now of a wider disruption to the United States, the world's biggest oil consumer.
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