Friday, October 26, 2007
Oil at $91
Oil Briefly Rises Above $91 a Barrel on Supply Worries, Mideast Tensions
BANGKOK, Thailand (AP) -- Crude oil prices rose in Asia Friday -- climbing above $91 a barrel at one point -- on renewed concerns about oil supplies and news that OPEC won't further increase output.
Prices were also lifted on news that Lebanese troops had fired on Israeli warplanes Thursday. A conflict between Israel and Lebanon would not directly affect oil supplies, but traders worry any hostilities in the Middle East would draw in oil producers such as Saudi Arabia and Iran.
Prices first jumped sharply Wednesday after the Energy Information Administration reported that oil inventories fell 5.3 million barrels last week when analysts had expected them to grow 300,000 barrels.
For morte click here.
NVDL: Yahoo News says 'December Brent crude rose 54 cents to $88.02 a barrel on the ICE futures exchange in London.' Right now it is $86.35.