Oil stays above $91 on Venezuela threat
Oil held above $91 a barrel on Monday, supported by Venezuela’s threat to stop sending oil to the world’s top fuel consumer the US.
By Agencies |
LONDON: Oil held above $91 a barrel on Monday, supported by Venezuela���s threat to stop sending oil to the world���s top fuel consumer the US.
Venezuelan president Hugo Chavez made the threat on Sunday, after an Exxon Mobil lawsuit froze $12 billion of Venezuelan assets to step up Exxon���s push for compensation from a nationalised oil project.
���We do not believe that there is any serious risk to oil supplies, but with the increased rhetoric we would be cautious before concluding that this development should be already fully discounted,��� said Olivier Jakob at Petromatrix.
US crude eased 36 cents to $91.41 a barrel by 1122 GMT. It earlier climbed as high as $92.71, matching its January 30 peak, the highest point since January 15. London Brent fell 45 cents to $91.49. Oil jumped more than 4% on Friday, the biggest gain in nearly two months, as production problems in the North Sea and Nigeria pushed aside fears that a US recession would hurt fuel demand.
Venezuelan president Hugo Chavez made the threat on Sunday, after an Exxon Mobil lawsuit froze $12 billion of Venezuelan assets to step up Exxon���s push for compensation from a nationalised oil project.
���We do not believe that there is any serious risk to oil supplies, but with the increased rhetoric we would be cautious before concluding that this development should be already fully discounted,��� said Olivier Jakob at Petromatrix.
US crude eased 36 cents to $91.41 a barrel by 1122 GMT. It earlier climbed as high as $92.71, matching its January 30 peak, the highest point since January 15. London Brent fell 45 cents to $91.49. Oil jumped more than 4% on Friday, the biggest gain in nearly two months, as production problems in the North Sea and Nigeria pushed aside fears that a US recession would hurt fuel demand.
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