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August 8, 2003 Friday Jumadi-us-Sani 9, 1424





Oil prices recover


LONDON, Aug 7: Oil prices clawed back some ground on Thursday following the previous day’s falls in generally quiet and directionless trade, with even a massive car bomb blast in Iraq failing to spur dealers into action.

The price of benchmark Brent North Sea crude oil for September delivery rose by 36 cents per barrel to $29.84.

New York’s reference light sweet crude September contract showed a gain of 28 cents to $31.98 per barrel in early trading.

Prices had fallen late on Wednesday after weekly US Department of Energy figures showed an unexpectedly large increase in commercial stocks of crude oil.—AFP






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