Oil Near $108 After Saudi Explosion Report Denied

SINGAPORE — Brent slid below US$115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it will not join any military action against Syria, but remained on track for the biggest monthly gain in a year.

Whether crude costs $60 a barrel or twice that amount, the U.S. is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world’s No. 1 producer of oil.

Iran’s interim deal with global powers on its nuclear program may do little to remove the risk premium on Middle East oil and may even send prices higher, according to an analyst. “Price reaction may be subdued in the short-term,” said Michael Cohen, analyst at Barclays Bank Plc. in a telephone interview from New York. “There are so many geopolitical tensions that, if anything, could actually be worse off [due to] this deal.”

A surge in U.S. oil production has pushed the country’s output to the highest level since 1992, threatening the dominance of the Organization of Petroleum Exporting Countries. The U.S. pumped 7.06 million barrels a day in the week ended Feb. 8, up 1 percent from the previous week and extending last year’s 19 percent gain, the Energy Information Administration said today. OPEC production fell to the lowest level in a year in January, the Paris-based International Energy Agency said today in its monthly report.

World oil prices fell slightly on Monday, as OPEC kingpin Saudi Arabia said the cartel may raise its crude output to meet an increase in demand this year.New York's main contract, light sweet crude for delivery in March, slipped 42 cents to $88.68 a barrel.Brent North Sea crude for March delivery edged down four cents to $97.56.The Organization of Petroleum Exporting Countries (OPEC) could raise output to meet a "two percent" increase in demand during 2011, Saudi's oil minister said on Monday.

(BANGKOK) — Oil sat above $108 a barrel Friday, the highest since March last year, after being boosted by new signs of improvement in the U.S. economy. Benchmark crude for August delivery was unchanged at $108.04 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contact rose $1.56 on Thursday. Oil has jumped more than $11 a barrel in July, and pushed up the price of gasoline along with it. Gasoline futures have gained 13 percent since July 1. On Thursday U.S.

(BANGKOK) — Oil sat above $108 a barrel Friday, the highest since March last year, after being boosted by new signs of improvement in the U.S. economy. Benchmark crude for August delivery was unchanged at $108.04 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contact rose $1.56 on Thursday. Oil has jumped more than $11 a barrel in July, and pushed up the price of gasoline along with it. Gasoline futures have gained 13 percent since July 1. On Thursday U.S.