Business | Oil & Gas

Channel Sponsor

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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. 'Dangerous to go anywhere in Georgia'

    'Dangerous to go anywhere in Georgia'

    'Dangerous to go anywhere in Georgia'

  2. Russia boosts forces in Abkhazia

    Russia boosts forces in Abkhazia

    Thousands more Russian troops in Georgia's Abkhazia region

  3. Russia seizes South Ossetia

    Russia seizes South Ossetia

    Russia seizes South Ossetia

  4. 'Russian aggression risks democracy'

    Georgian president says Russian aggression risks democracy

  5. Russia denies Georgian troop withdrawal

    Russia denies Georgian troop withdrawal

    Russia denies Georgian troop withdrawal from South Ossetia

  6. UK issues travel warning to Georgia

    UK issues travel warning to Georgia

  7. Russia in control of South Ossetian capital

    Russian troops takes control of South Ossetian capital

  8. Georgia and Russia to stay at Olympics despite conflict

    Georgia and Russia to stay at Olympics despite conflict

  9. Georgia president calls for ceasefire

    Georgia president calls for ceasefire

    Georgia president Saakashvili calls for ceasefire

  10. Russia-Georgia conflict saddens IOC

    Russia-Georgia conflict saddens IOC

More from Oil & Gas

  1. Oill prices fall below $76

  2. Al Hamili heads UAE team to OAPEC meet

  3. Reliance offer for world's 3rd largest petrochem firm

  4. Saudis certain to adopt DME crude benchmark

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice