Oil prices above $96 in Asian trade
World oil prices were higher at above $96 in Asian trade today on persistent worries over the outlook for crude supplies, dealers said.
By Agencies |
SINGAPORE: World oil prices were higher at above $96 in Asian trade today on persistent worries over the outlook for crude supplies, dealers said.
In morning trade, New York's main contract, light sweet crude for delivery in March, rose 65 cents to $96.15 a barrel in electronic deals on the New York Mercantile Exchange (NYMEX).
It had touched an intra-day high of $96.45 a barrel. Floor trading at NYMEX was shut yesterday for the President's Day public holiday.
Brent North Sea crude for April delivery was up two cents at $94.93 per barrel.
"There has been no major news to affect the market today but concerns about recent supply disruption in Nigeria and Venezuela are still supportive of pricing," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney.
Oil-producer Venezuela has cut off oil supplies to US energy giant ExxonMobil over a legal dispute, highlighting supply concerns.
The legal battle relates to ExxonMobil's bid to secure compensation after Venezuela's government nationalised key oil fields in the Orinoco basin, including two ExxonMobil operation.
ExxonMobil said it has won court orders in New York, London, the Netherlands and the Netherlands Antilles freezing some $12 billion of assets of Venezuela's state-owned oil producer PDVSA in those jurisdictions.
In Nigeria, unrest rekindled market worries about output from Africa's largest crude oil producer. Instability and violence have resulted in Nigeria's oil output being slashed by a quarter in 2007.
In morning trade, New York's main contract, light sweet crude for delivery in March, rose 65 cents to $96.15 a barrel in electronic deals on the New York Mercantile Exchange (NYMEX).
It had touched an intra-day high of $96.45 a barrel. Floor trading at NYMEX was shut yesterday for the President's Day public holiday.
Brent North Sea crude for April delivery was up two cents at $94.93 per barrel.
"There has been no major news to affect the market today but concerns about recent supply disruption in Nigeria and Venezuela are still supportive of pricing," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney.
Oil-producer Venezuela has cut off oil supplies to US energy giant ExxonMobil over a legal dispute, highlighting supply concerns.
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The legal battle relates to ExxonMobil's bid to secure compensation after Venezuela's government nationalised key oil fields in the Orinoco basin, including two ExxonMobil operation.
ExxonMobil said it has won court orders in New York, London, the Netherlands and the Netherlands Antilles freezing some $12 billion of assets of Venezuela's state-owned oil producer PDVSA in those jurisdictions.
In Nigeria, unrest rekindled market worries about output from Africa's largest crude oil producer. Instability and violence have resulted in Nigeria's oil output being slashed by a quarter in 2007.
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