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
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.
More from Oil & Gas
More from Business
Business Editor's choice
-
DFSA chief to step down in September
Executive has been at post since 2008
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
