Oil prices rise

Published January 20, 2007

LONDON, Jan 19: World oil prices rose slightly on Friday, breaching $52 per barrel in London, while remaining above $50 in New York. Crude futures had tumbled to a 19-month lower under 50 dollars in New York on Thursday after a US government report showed a bigger-than-expected rise in US stockpiles of crude oil.

In London on Friday, the price of Brent North Sea crude for March delivery rose 31 cents to $52.06 per barrel in electronic trading, as dealers tracked news also of a brief disruption to Russian oil exports.

New York's main oil futures contract, light sweet crude for delivery in February, gained seven cents to $50.55 per barrel in electronic deals. The contract had dropped to $49.90 on Thursday, marking New York's lowest level since late May, 2005.

Since the start of the year, London oil prices have also struck low points last seen in May, 2005.—AFP