English
The oil priced reached a five-week high yesterday after Kuwait and Quatar said they would reduce production as per the OPEC announcement, as well as in relation to the gas war between Russia and Ukraine. At 9:02 a.m. on the New York Mercantile Exchange, the price of oil deliverable in February increased by 1.38 USD (2.8%) to 50.19 USD/barrel from 50.47 USD/barrel, which was the highest since 1 December 2008. Brent oil deliverable in February traded for 52.01 USD/barrel on the ICE Futures Europe in London, up by 2.39 USD (4.8%). This, too, is the highest price since 1 December.
Oil Price Hikes Over 50 USD/Barrel
F.A.
English Section / 7 ianuarie 2009
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