A qualified engineer, CP Rizwan is a technically correct batsman who can also take wickets with his part-time spin
US light crude for January delivery the new front-month contract, rose $1.21 to $95.05 a barrel by 0722 GMT, and adding to Friday’s nearly 2 percent 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.
Iran’s president Mahmoud Ahmadinejad was quoted as saying that the market price of fossil energy, including oil, was still below its real price.
While the weak dollar was omitted from the summit’s final statement, traders say the growing concern over the US currency’s predicament could prompt OPEC to seek a higher price.
“OPEC talk about prices being undervalued and its concerns with the falling dollar are all filtering into the market,” said Mark Pervan, a senior resources analyst at ANZ Bank in Melbourne.
“There are pockets of bullish news out in the market and no bearish news at all.”
The dollar fell again versus the euro and yen on Monday after weak US economic reports late last week that showed the biggest drop in industrial production since January.
Oil slid from an all-time high of $98.62 a barrel struck on Nov. 7, as traders fretted about weakening oil demand in the world’s top consumer and US crude stocks unexpectedly rose, although the looming winter has lent fresh support.
Separately, Venezuelan President Hugo Chavez told the OPEC summit that crude oil prices could double to $200 a barrel if the United States attacked major oil exporter Iran
But Iran’s President Ahmadinejad said on Sunday his country would not use oil as a weapon even if it is attacked by the US over Tehran’s disputed nuclear programme.
A qualified engineer, CP Rizwan is a technically correct batsman who can also take wickets with his part-time spin
The defeats are a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup
With his famous stepfather Tommy Fleetwood on his bag, Dubai’s Oscar Craig shoots a promising first round 69
Karn Sharma and Swapnil Singh bag four key wickets to secure a 35-run victory in Hyderabad
The patient had endured years of severe pain and debilitating health complications due to the tumour
The concert is set to take place on April 27
Move aims to amplify Zambia’s renewable energy capacity
More vertiports will be set up in strategic locations across Abu Dhabi, including major business hubs and tourism destinations