Harris and Trump make final push in must-win Pennsylvania    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Elon Musk can keep giving $1m to voters, judge rules    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Tourism Development Fund launches "Tourism Empowerment" programs to enhance sustainable growth of SMEs    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil up near $95 amid hostage crisis in Algeria
Published in The Saudi Gazette on 18 - 01 - 2013

NEW YORK — The price of oil rose closer to $95 a barrel on Thursday as Islamic militants took hostages at a natural gas plant in Algeria and US crude supplies fell unexpectedly.
By early afternoon in Europe, benchmark oil for February delivery was up 42 cents to $94.66 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 96 cents to close at $94.24 a barrel on Wednesday.
While at least 50 Algerian and foreign hostages have reportedly managed to escape from the gas plant 1,300 kilometers (800 miles) south of Algiers, the capital city, dozens more are still being held. The plant in the Sahara desert has been surrounded by the Algerian army.
“Algeria is not only a leading gas producer; it also produces 1.2 million barrels of crude oil per day,” said analysts at Commerzbank in Frankfurt. “Even if supply risks have taken a back seat of late, they may flare up again at any time, resulting in a renewed risk premium on the oil price.”
New figures showed oil stocks fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels in the United States last week, while analysts had forecast a rise of 2.5 million barrels.
Despite the drop, supplies of oil and gasoline are above average for this time of year, with crude inventories nearly 9 percent higher than a year ago and gasoline levels more than 3 percent higher.
US production of crude, at more than 7 million barrels a day, is the highest in 20 years. “Compared to a year ago, the US has added to the world more crude oil than it has taken out” with the sanctions it has led against Iran because of Tehran's nuclear program, said Olivier Jakob of Petromatrix in Switzerland.
Traders are waiting for China's growth data Friday to help assess the strength of the global economy. China will release fourth-quarter growth data for 2012 as well as overall GDP figures for the year.
Meanwhile, brent crude, used to price international varieties of oil, was up 57 cents to $110.25 per barrel on the ICE Futures exchange in London. In other energy futures trading on Nymex, wholesale gasoline was up 1 cent to $2.7485 a gallon and natural gas lost 4.7 cents to $3.388 per 1,000 cubic feet. — AP


Clic here to read the story from its source.