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Oil settles above US$108 a barrel
Source: Agencies |
April 5, 2011, Tuesday
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THE price of oil jumped to a fresh 30-month high, above US$108 a barrel Monday as fighting in Libya and unrest in the Middle East continued to raise doubts about future supplies.
Benchmark crude for May delivery gained 53 cents to settle at US$108.47 a barrel on the New York Mercantile Exchange. At one point the contract rose as high as US$108.78 per barrel, the highest price since September 2008.
In London, Brent crude rose US$2.25 to settle at US$120.66 a barrel on the ICE Futures exchange.
Analyst and trader Stephen Schork said sagging demand in the US may eventually pull oil prices down from their highs this year, but so far most traders seem to be waiting for the Middle East to cool off.
"We have more than comfortable (oil) supplies in the US" and high prices could seriously hurt demand, Schork said. "Yet investors keep piling money into the energy market."
In other Nymex trading in May contracts, heating oil rose 3.69 cents to settle at US$3.1714 a gallon and gasoline gained 1.75 cents to settle at US$3.1688 a gallon. Natural gas futures lost 7.3 cents to settle at US$4.289 per 1,000 cubic feet
Benchmark crude for May delivery gained 53 cents to settle at US$108.47 a barrel on the New York Mercantile Exchange. At one point the contract rose as high as US$108.78 per barrel, the highest price since September 2008.
In London, Brent crude rose US$2.25 to settle at US$120.66 a barrel on the ICE Futures exchange.
Analyst and trader Stephen Schork said sagging demand in the US may eventually pull oil prices down from their highs this year, but so far most traders seem to be waiting for the Middle East to cool off.
"We have more than comfortable (oil) supplies in the US" and high prices could seriously hurt demand, Schork said. "Yet investors keep piling money into the energy market."
In other Nymex trading in May contracts, heating oil rose 3.69 cents to settle at US$3.1714 a gallon and gasoline gained 1.75 cents to settle at US$3.1688 a gallon. Natural gas futures lost 7.3 cents to settle at US$4.289 per 1,000 cubic feet
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