Oil prices shoot up

Published February 1, 2013

LONDON, Feb 1: Brent oil prices struck a fresh three-month high on Friday, boosted by the weak dollar and Chinese data, as traders awaited key economic figures in top crude consumer the United States, dealers said.

In early afternoon London deals, Brent North Sea crude for delivery in March rallied to $115.97 per barrel — which was the highest level since October 15. The Brent contract later stood at $115.88, which marked a gain of 32 cents from Thursday’s closing level.

Elsewhere, New York’s main contract, light sweet crude for March, or West Texas Intermediate (WTI), dropped 26 cents to $97.23 a barrel.

“Crude oil prices consolidate ahead of the release of the crucial US non-farm payroll data that will set the tone for today’s trading session,” said analyst Myrto Sokou at the Sucden brokerage in London.—AFP

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