Oil prices surge ahead of OPEC summit
Sunday, 18 November 2007
NEW YORK, Nov 17 (AFP): Oil prices rose back above 95 dollars yesterday amid predictions that OPEC will not discuss raising output at its weekend summit and fresh tensions over Iran.
New York's main contract, light sweet crude for December delivery, jumped 1.67 dollars to close at 95.10 dollars per barrel. The December contract expired Friday.
In London, Brent North Sea crude for January delivery climbed 1.39 dollars to settle at 91.62 dollars per barrel.
"Geopolitics, strained and threatened supplies and economic vitality continue to be the motivators for higher prices," said John Kilduff, an analyst at MF Global.
New York's main contract, light sweet crude for December delivery, jumped 1.67 dollars to close at 95.10 dollars per barrel. The December contract expired Friday.
In London, Brent North Sea crude for January delivery climbed 1.39 dollars to settle at 91.62 dollars per barrel.
"Geopolitics, strained and threatened supplies and economic vitality continue to be the motivators for higher prices," said John Kilduff, an analyst at MF Global.