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February 15, 2008
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Friday
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Safar 07, 1429
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Oil prices above $95
LONDON, Feb 14: Oil prices soared above $95 on Thursday owing to the ongoing dispute between Venezuela and US energy major ExxonMobil and after an unexpectedly weak rise in US crude stockpiles, traders said.
New York’s main contract, light sweet crude for delivery in March, jumped $1.81 to $95.08 a barrel.
Brent North Sea crude for March delivery advanced $1.78 to $95.10.
“Concerns about a continuing row between ExxonMobil and Venezuela are still seen as supportive to the market,” said Sucden analyst Andrey Kryuchenkov.
“However, the country’s decision to cut supplies to the US energy giant is unlikely to have a long term effect on US imports.”
Prices were on Thursday heading towards the record high of $100.09, which was achieved by New York crude at the start of January.—AFP
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