Oil bubbles near 99 dollars
Tuesday, 27 November 2007
SINGAPORE, Nov 26 (AFP): Oil prices hovered near 99 US dollars in Asia trade today as traders continued to fret over tight supplies globally, dealers said.
In early morning trade New York's main contract, light sweet crude for January delivery, was up 57 cents at 98.75 dollars a barrel from 98.18 dollars in late US trades Friday.
Brent North Sea crude for January delivery rose 62 cents to 96.38 dollars.
Heating fuel demand is expected to pick up as the Northern hemisphere winter kicks in next month. The US northeast region is the world's biggest user of heating oil.
In early morning trade New York's main contract, light sweet crude for January delivery, was up 57 cents at 98.75 dollars a barrel from 98.18 dollars in late US trades Friday.
Brent North Sea crude for January delivery rose 62 cents to 96.38 dollars.
Heating fuel demand is expected to pick up as the Northern hemisphere winter kicks in next month. The US northeast region is the world's biggest user of heating oil.