Oil climbs above $95
Tuesday, 20 November 2007
SYDNEY, Nov 19 (Reuters): Oil jumped more than $1 to above $95 a barrel today, as the dollar fell and some OPEC members pushed for action to stem their declining purchasing power.
US light crude for January delivery the new front-month contract, rose $1.21 to $95.05 a barrel, and adding to Friday's nearly 2 per cent gains. Friday's gains were partly fueled by forecasts for colder US weather that would boost demand.
London Brent crude rose $1.07 to $92.69 a barrel.
The OPEC heads of state summit in Riyadh ended on Sunday without signalling whether the producer group would agree to pump more oil at its Dec. 5 policy meeting, although members renewed their pledge to provide "adequate" supplies to consumers.
Of greater interest to oil traders was the push by Iran and Venezuela-anti-US firebrands and typically OPEC's most hawkish members-for some kind of action that would offset the falling value of their dollar- denominated oil revenues, such as pricing oil against a basket of currencies.
US light crude for January delivery the new front-month contract, rose $1.21 to $95.05 a barrel, and adding to Friday's nearly 2 per cent gains. Friday's gains were partly fueled by forecasts for colder US weather that would boost demand.
London Brent crude rose $1.07 to $92.69 a barrel.
The OPEC heads of state summit in Riyadh ended on Sunday without signalling whether the producer group would agree to pump more oil at its Dec. 5 policy meeting, although members renewed their pledge to provide "adequate" supplies to consumers.
Of greater interest to oil traders was the push by Iran and Venezuela-anti-US firebrands and typically OPEC's most hawkish members-for some kind of action that would offset the falling value of their dollar- denominated oil revenues, such as pricing oil against a basket of currencies.