Brent crude oil rose above US$110 per barrel on Tuesday, pulling its premium above U.S. light crude to the widest in six months, after news of a deterioration in relations between the United States and key OPEC oil producer Saudi Arabia.
A source close to Saudi policy said Riyadh would make a “major shift” in dealings with the United States in protest at Washington’s perceived inaction over the Syria war and its overtures to Iran.
Gold prices finished the week in the green for the first time in the past four weeks. Crude oil prices, on the other hand, recorded weekly losses following US airstrikes on Iraq. Once the situation in Iraq normalizes, crude supply is expected to increase and oil prices are tapering off.
Oil prices edged higher on Monday in light trading volumes, with gains capped by China's latest bid to cool down its booming economy, traders said.New York's main futures contract, light sweet crude for delivery in March, added 14 cents to 74.27 dollars a barrel.Brent North Sea crude for March delivery rose by just five cents to 72.95 dollars a barrel at 1245 GMT.Trading activity was subdued amid holidays across much of Asia, including China, and in the United States.
NEW YORK: Crude oil prices jumped as much 3 per cent on Monday after a rally in US gasoline and diesel due to a refinery outage helped crude futures advance from multi-month lows earlier in the session. The dollar's drop to near session lows also made oil and other commodities denominated in the greenback more affordable to holders of the euro and other currencies. Hedge funds and other big speculators raised their bullish exposure to US crude for the first time in seven weeks, trade data on Friday showed, even as most traders and investors feared weaker demand and higher supplies ahead.
Hong Kong (AFP) - Asian markets slipped on profit-taking Thursday following the previous day's hefty gains but losses were limited after a closely watched indicator showed a slight pick-up in Chinese manufacturing activity.