November 20, 2007	Tuesday	Ziqa’ad 09, 1428

LONDON, Nov 19: World oil prices extended gains on Monday amid tight crude supplies heading into the northern hemisphere winter, traders said. New York’s main contract, light sweet crude for January delivery, climbed 72 cents to $94.56 per barrel. The December contract expired on Friday, closing $1.67 higher at $95.10.

In London, Brent North Sea crude for January delivery gained 48 cents to $92.10 per barrel.

The oil market was digesting the outcome of an Opec summit over the weekend.

A final declaration on Sunday from the oil exporters’ group urged world peace to help stabilise prices and included a commitment to help fight global warming.In the run-up to the two-day summit, the Organisation of Petroleum Exporting Countries had been under pressure to increase supplies to help cool prices which recently reached record heights close to $100 a barrel.

The powerful cartel pumps about 40 per cent of global crude supplies.

Although some ministers expressed concern that expensive crude would eventually dampen demand for oil, they said blame for the near triple-figure price lay outside the cartel and turned a deaf ear to the demands.

“The apparent removal of the possibility of increased supply will serve to at least underpin crude oil at these levels,” Bank of Ireland analyst Paul Harris said. —AFP