Oil just below $120
World oil traded a shade below 120 dollars a barrel on Tuesday after breaking through the symbolic level on geopolitical tensions, particularly in Nigeria, analysts said.
By Agencies |
SINGAPORE: World oil traded a shade below 120 dollars a barrel on Tuesday after breaking through the symbolic level on geopolitical tensions, particularly in Nigeria, analysts said.
In Asian morning trade, New York's main oil futures contract, light sweet crude for June delivery, traded a penny lower at 119.96 after closing at an all-time high of 119.97 dollars on the New York Mercantile Exchange.
The contract had flirted with the record 120-dollar level last week and surged to an intraday peak of 120.20 dollars on Monday before finishing 3.65 dollars higher compared with Friday's close.
In London on Monday, Brent North Sea crude for June delivery hit an intraday record high of 118.58 dollars before settling up 3.43 dollars at a record 117.99 dollars.
Trading volume in London was light as Britain marked a bank holiday. Oil futures prices on both sides of the Atlantic have nearly doubled in a year.
"This stubborn oil bull just refuses to die," said Phil Flynn at Alaron Trading.
Oil prices surged Monday on supply jitters from Nigeria and geopolitical tension in Iran, which is the second-biggest OPEC producer after Saudi Arabia, analysts said.
"Nigeria is the lingering hotspot the markets will be focusing on," said MF Global analyst Ed Meir.
In Asian morning trade, New York's main oil futures contract, light sweet crude for June delivery, traded a penny lower at 119.96 after closing at an all-time high of 119.97 dollars on the New York Mercantile Exchange.
The contract had flirted with the record 120-dollar level last week and surged to an intraday peak of 120.20 dollars on Monday before finishing 3.65 dollars higher compared with Friday's close.
In London on Monday, Brent North Sea crude for June delivery hit an intraday record high of 118.58 dollars before settling up 3.43 dollars at a record 117.99 dollars.
Trading volume in London was light as Britain marked a bank holiday. Oil futures prices on both sides of the Atlantic have nearly doubled in a year.
"This stubborn oil bull just refuses to die," said Phil Flynn at Alaron Trading.
ADVERTISEMENT
Oil prices surged Monday on supply jitters from Nigeria and geopolitical tension in Iran, which is the second-biggest OPEC producer after Saudi Arabia, analysts said.
"Nigeria is the lingering hotspot the markets will be focusing on," said MF Global analyst Ed Meir.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
