Oil prices higher in Asian trade
World oil prices continued higher in Asian trade on Monday while supply worries outweighed concerns about the health of the United States economy, analysts said.
By Agencies |
SINGAPORE: World oil prices continued higher in Asian trade on Monday while supply worries outweighed concerns about the health of the United States economy, analysts said.
In afternoon trade, New York's main oil futures contract, light sweet crude for delivery in March, rose 16 cents to $ 91.93 per barrel.
The contract closed $ 3.66 higher at $ 91.77 a barrel during floor trading at the New York Mercantile Exchange on Friday.
Brent North Sea crude for March delivery increased by 20 cents to $92.14 a barrel, after settling $ 3.43 higher at $91.94 on Friday in London.
"The increase in oil prices is a continuation of the trend seen on Friday in New York," said David Moore, a commodities strategist at the Commonwealth Bank of Australia in Sydney.
"Prices are being driven up due to the news of crude oil disruptions. The market is less concerned about the US economy right now," he said.
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Fears that the US economy could be entering a recession, with a likely decline in energy demand, have spooked oil markets recently. Anglo-Dutch oil group Shell said on Thursday it would not be able to honour all its export contracts from its southern Nigerian Bonny export terminal for the rest of February and March because of sabotage.
The company did not give figures on the expected loss in production but industry sources said it runs into thousands of barrels of crude.
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