Business | Oil & Gas

US crude pushes above $100 again

Oil rose above $100 a barrel on Tuesday, drawing support from cold weather in Europe and the US as well as the view of the president of the Organisation of Petroleum Exporting Countries (Opec) that the group will not raise output at its meeting next week.

  • Reuters
  • Published: 00:05 February 27, 2008
  • Gulf News

London: Oil rose above $100 a barrel on Tuesday, drawing support from cold weather in Europe and the US as well as the view of the president of the Organisation of Petroleum Exporting Countries (Opec) that the group will not raise output at its meeting next week.

US crude was up $1.12 at $100.35 a barrel by 1620 GMT. London Brent crude was up $1.15 at $98.84.

"The recovery in [crude] stocks, the downward revisions to demand and an upcoming seasonal drop in world demand for the second quarter have not been lost on Opec," Tim Evans, an analyst at Citi, said.

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