LONDON, Oct 25: World oil prices rallied strongly on Tuesday owing to technical buying, traders and analysts said. New York’s main contract, light sweet crude for delivery in December, soared 98 cents to $61.30 per barrel in pit trading.
In London, the price of Brent North Sea crude for December delivery jumped 80 cents to $59.04 per barrel in electronic deals.
“It is a technical move,” said GNI-Man Financial trader Lee Elliott.
Crude futures had fallen on Monday and earlier Tuesday in response to Hurricane Wilma sparing oil facilities in the United States, the world’s biggest consumer of energy.—AFP
