Business | Oil & Gas
Oil rises on Russia-Georgia conflict
Oil prices rebounded on Monday following concerns of widening conflict between Georgia and Russia over the breakaway province of South Ossetia.
- Agencies
- Published: 15:04 August 11, 2008
- 'Dangerous to go anywhere in Georgia'
- Russia boosts forces in Abkhazia
- Russia seizes South Ossetia
- 'Russian aggression risks democracy'
- Russia denies Georgian troop withdrawal
- UK issues travel warning to Georgia
- Russia in control of South Ossetian capital
- Georgia and Russia to stay at Olympics despite conflict
- Georgia president calls for ceasefire
- Russia-Georgia conflict saddens IOC
Vienna: Oil prices rebounded on Monday following concerns of widening conflict between Georgia and Russia over the breakaway province of South Ossetia.
Light, sweet crude for September delivery rose 79 cents to $115.99 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.
In London, Brent crude for September delivery rose $1.77 to $115.10 a barrel.
"The market is watching what happens there closely," said Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne.
"It's not a major oil producer, but there are major transport links to Europe through that region," Pervan said.
Vienna's JBC Energy cited the Azeri company Socar as saying shipments from the two Georgian ports, Batumi and Kulevi ceased during the weekend.
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