Oil prices claw back ground
World oil prices crept higher on Monday, clawing back ground following heavy pre-weekend losses that mirrored a downturn in global equities last week.
By Agencies |
LONDON: World oil prices crept higher on Monday, clawing back ground following heavy pre-weekend losses that mirrored a downturn in global equities last week.
Brent North Sea crude for July delivery firmed 18 cents to 68.78 dollars per barrel in electronic trading.
New York's main oil futures contract, light sweet crude for delivery in July, added 43 cents to 65.19 dollars per barrel in electronic deals before the official open of the US market.
"Crude futures were virtually unchanged (today), pausing after heavy losses on Friday," said Michael Davies at the London-based Sucden brokerage.
Prices had tumbled Friday as traders took profits as falling global share prices sparked concerns about slowing economic growth and energy demand.
However, European and Asian stock markets bounced higher today after encouraging gains by Wall Street before the weekend.
"Despite Friday's sell-off (of oil), there are still plenty of bullish factors that could continue to provide support, including ... concerns about Iran's nuclear programme (and) a tight gasoline market in the US," Davies added.
UN nuclear chief Mohamed ElBaradei today said that the "brewing confrontation" between Iran and the West over Tehran's nuclear energy ambitions "must be defused."
"I am increasingly disturbed by the current stalemate and the brewing confrontation -- a stalemate that urgently needs to be broken, and a confrontation that must be defused," ElBaradei told a meeting in Vienna of his International Atomic Energy Agency (AEA).
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