Oil breaches $70 as cyclone nears Arabian peninsula
Oil surged above $70 on Monday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
LONDON: Oil surged above $70 on Monday on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output. Top exporter Saudi Arabia said its oil facilities were expected to escape unscathed from the gathering storm.
Fellow Opec member the UAE also appeared to be outside the path of the storm, a shipping agent said. London Brent crude, currently seen as a better gauge of the global market than US oil, was up $1.13 cents at $70.20 at the time of going to press, off a session high of $70.27. US crude was up 98 cents at $66.06.
Fellow Opec member the UAE also appeared to be outside the path of the storm, a shipping agent said. London Brent crude, currently seen as a better gauge of the global market than US oil, was up $1.13 cents at $70.20 at the time of going to press, off a session high of $70.27. US crude was up 98 cents at $66.06.
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