Business | Oil & Gas
Oil rises above $115 after steep slide
Oil rose above $115 a barrel on Monday as some investors saw buying opportunities after prices posted the biggest one-day slide in percentage terms since 2004 in the previous session.
- Agencies
- Published: 17:12 August 25, 2008
London: Oil rose above $115 a barrel on Monday as some investors saw buying opportunities after prices posted the biggest one-day slide in percentage terms since 2004 in the previous session.
Analysts said tensions between the West and Russia over Georgia would lend prices support. Moscow's military intervention in Georgia has disrupted some shipments of Azeri oil through Georgia.
UUS crude rose 97 cents to $115.56 a barrel by 1100 GMT. On Friday, it had fell more than 5.4 per cent, the largest one-day slide since December 27, 2004.
Brent crude rose $1.15 to $115.07 on Monday.
Oil has fallen from a record high of $147.27 reached in July on concern that high energy costs are taking a toll on global fuel demand. Prices remain up about 15 per cent so far this year.
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