LONDON, Oct 11: The price of oil rose on Friday after the US Congress gave President George W. Bush authority to go to war against Iraq, citing a “continuing threat” posed by Baghdad’s alleged weapons buildup.

The price of benchmark Brent North Sea crude for November delivery rose to $28.00 a barrel by late afternoon here from $27.74 at the close of trading on Thursday.

In New York, a barrel of reference light sweet crude for November delivery rose 28 cents to $29.27.

“It’s a reasonably quiet day in terms of volumes traded, but crude prices have mostly held onto gains made earlier today following the US Congress vote,” said ABN Amro trader Mark Keenan.

“It looks to be a very strong technical bounce.

“Despite the fact that a growing number of people believe that war is unlikely to take place in the immediate future, people would still rather not hold short positions going into a weekend,” said Keenan.

Oil prices have risen sharply in recent months on the prospect of a war in the Middle East which traders worry might disrupt supplies from the world’s leading oil-producing region.—AFP