Oil prices rose back near $72 a barrel Monday, rebounding from declines the week before, after Iran insisted ahead of an official response to a package of incentives on its nuclear program that it will not suspend uranium enrichment.
Prices also appeared underpinned by concerns about supply disruptions in Nigeria due to civil unrest and fear of potential hurricanes that could strike Gulf of Mexico refineries. Traders were also watching for signals of where fuel demand is headed in the wake of BP's production woes at its Prudhoe Bay field in Alaska.
Light, sweet crude for September delivery rose 61 cents to $71.75 a barrel by midday in Europe on the New York Mercantile Exchange. October Brent on London's ICE Futures Exchange spiked 86 cents to $73.16 a barrel.
Heating oil futures jumped by more than 3 cents to $2.0201 a gallon and gasoline futures by less than half a cent to $1.9700 per gallon (3.8 liters). Natural gas futures fell 14 cents to $6.589 per 1,000 cubic feet.
Prices also appeared underpinned by concerns about supply disruptions in Nigeria due to civil unrest and fear of potential hurricanes that could strike Gulf of Mexico refineries. Traders were also watching for signals of where fuel demand is headed in the wake of BP's production woes at its Prudhoe Bay field in Alaska.
Light, sweet crude for September delivery rose 61 cents to $71.75 a barrel by midday in Europe on the New York Mercantile Exchange. October Brent on London's ICE Futures Exchange spiked 86 cents to $73.16 a barrel.
Heating oil futures jumped by more than 3 cents to $2.0201 a gallon and gasoline futures by less than half a cent to $1.9700 per gallon (3.8 liters). Natural gas futures fell 14 cents to $6.589 per 1,000 cubic feet.
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