Business | Oil & Gas
Oil steadies on threats by Venezuela
Oil steadied near $94 a barrel yesterday, reversing an earlier decline, as Venezuela repeated its threat to stop exports to the US, the world's top consumer.
- Reuters
- Published: 00:20 February 13, 2008
London: Oil steadied near $94 a barrel yesterday, reversing an earlier decline, as Venezuela repeated its threat to stop exports to the US, the world's top consumer.
Venezuela's energy minister, Rafael Ramirez, reiterated the threat made by President Hugo Chavez on Sunday in remarks published by a newspaper yesterday. Oil also got a lift from rising equities, dealers said.
"The stock market rallied and that was on top of the Venezuela threats," said Phil Flynn, analyst at Alaron Trading in Chicago.
US crude rose 10 cents to $93.69 a barrel by 1554 GMT. London Brent crude gained 19 cents to $93.72.
The threat prompted investors to look again at the supply side of the market rather than the demand outlook. Oil has fallen from a record high of $100.09 hit in January.
Share this article
More from Oil & Gas
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
The brains behind campaigns
Chief executives likely to be guided more by bankers and consultants
-
Leaders blast Britain's green departure tax
UK government pulls out of UN body ahead of Copenhagen summit
-
Emirates could buy more aircraft
Airline plans new routes, expects demand to increase
