Oil prices bubble towards $142
Oil prices climbed on Wednesday ahead of the weekly US energy reserves report as the OPEC crude producers' cartel called on the United States to stop badgering its members to increase output.
By Agencies |
LONDON: Oil prices climbed on Wednesday ahead of the weekly US energy reserves report as the OPEC crude producers' cartel called on the United States to stop badgering its members to increase output.
New York's main oil contract, light sweet crude for August delivery, added 39 cents to $ 141.36 a barrel.
Brent North Sea oil for August advanced 69 cents to also stand at $ 141.36.
OPEC secretary general Abdalla el-Badri said in an interview published today that US authorities should stop harassing the organisation's member nations to pump more crude.
"As the world's major power, I want them to stop harassing OPEC countries," he told the Spanish newspaper El Pais, when asked about a move by the US Congress to allow the Justice Department to sue OPEC members for conspiring to restrict supplies or drive up prices.
"With the boycott of Libya, the boycott of Iran and the problem created in Iraq, there are five to six million barrels per day lacking on the market," the Libyan official said.
Later today, the market will seek fresh direction from the US Energy Information Administration (EIA), which will release its report on American crude stockpiles for the week ending June 27.
Crude futures were a little higher today as investors await the weekly EIA inventories report," said Sucden analyst Nimit Khamar.
Further ahead, he said that traders were waiting for an interest rate decision from the European Central Bank tomorrow.
"It is widely expected the European Central Bank will raise rates by 25 basis points, so it is unlikely to affect exchange rates significantly," Khamar said.
New York's main oil contract, light sweet crude for August delivery, added 39 cents to $ 141.36 a barrel.
Brent North Sea oil for August advanced 69 cents to also stand at $ 141.36.
OPEC secretary general Abdalla el-Badri said in an interview published today that US authorities should stop harassing the organisation's member nations to pump more crude.
"As the world's major power, I want them to stop harassing OPEC countries," he told the Spanish newspaper El Pais, when asked about a move by the US Congress to allow the Justice Department to sue OPEC members for conspiring to restrict supplies or drive up prices.
"With the boycott of Libya, the boycott of Iran and the problem created in Iraq, there are five to six million barrels per day lacking on the market," the Libyan official said.
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Later today, the market will seek fresh direction from the US Energy Information Administration (EIA), which will release its report on American crude stockpiles for the week ending June 27.
Crude futures were a little higher today as investors await the weekly EIA inventories report," said Sucden analyst Nimit Khamar.
Further ahead, he said that traders were waiting for an interest rate decision from the European Central Bank tomorrow.
"It is widely expected the European Central Bank will raise rates by 25 basis points, so it is unlikely to affect exchange rates significantly," Khamar said.
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