Crude oil prices rise amid concerns over international factors
7/11/2004 9:23
Crude oil prices rebounded Friday after declining over the past week as
traders worried about supply disruptions in Iraq and Nigeria.
On the New York
Mercantile Exchange, crude oil for December delivery rose 79 cents to settle at
US$49.61 per barrel. Meanwhile, on London's International Petroleum Exchange the
December Brent crude-oil futures contract climbed 41 cents to close at US$46.42
a barrel.
On Friday, saboteurs in Iraq set off an explosion that damaged a
gas pipeline in the country, while Nigerian oil workers decided to join a
general strike scheduled for November 16. These factors, combined with the legal
conflict between Yukos and Russian government, pushed oil prices
higher.
However, most analysts expected a downtrend in oil prices for the
next week because rising production and slowing demand growth would boost
inventories.
Xinhua News
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