Oil prices mixed after topping 60 dollar
World oil prices were mixed after temporarily breaching $60 dollars a barrel, as icy winter weather continued to blast the US northeast and stoked demand for heating fuel.
By Agencies |
NEW YORK: World oil prices were mixed after temporarily breaching $60 dollars a barrel, as icy winter weather continued to blast the US northeast and stoked demand for heating fuel.
New York's main oil futures contract, light sweet crude for delivery in March, rose 18 cents to close at $59.89 per barrel yesterday after moving as high as $60.80.
In London, the price of Brent North Sea crude for March delivery lost two cents to settle at USD59.01 per barrel, after hitting an intra-day high of $59.63.
"The market is catching its breath after the big increase yesterday," Calyon oil analyst Mike Wittner said on Friday. He added, "$60 (per barrel) appears to be a technical resistance level."
Speculative buying and the shutdown of a California oil field following an explosion combined to drive prices past $60 dollars late on Thursday, ending the session with a hefty gain of two dollars.
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Barclays Capital analyst Kevin Norrish added, "The rally was due to what had been a growing tinderbox of factors during the day that was finally ignited."The decisive spark was provided by news of force majeure being declared at the 120,000 barrels per day Elk Hills field in California following a fire."
News that Occidental Petroleum had shut down its Elk Hills operation in central California had jangled traders' nerves.
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