Saudi Cultural Week kicks off in Osaka to mark 70 years of Saudi-Japanese ties    Tourism Ministry shuts 10 unlicensed travel agencies in Riyadh    Saudi authorities arrest over 21,000 residency and labor violators in one week    Saudi graduates see record job market entry in 2024    Israeli defense minister boasts destruction of Beit Hanoun amid Gaza offensive    Von der Leyen vows to defend EU interests after Trump announces 30% tariffs    PKK lay down arms in northern Iraq in symbolic disarmament    U.S. judge blocks immigration arrests in Los Angeles over racial profiling claims    CMA approves major reforms to ease investment account access for foreign and local investors    Saudi Arabia reaffirms OPEC+ compliance as June crude supply hits 9.35 million bpd    Riyadh's Creative District to welcome Italy's Istituto Marangoni    France's Lady Liberty artwork goes viral as a new Statue of Liberty could be in the works    Saudi population reaches 35.3 million in 2024, majority under 65    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    Aubameyang's future at Al Qadsiah in doubt after cryptic post comparing Saudi League strikers    Theo Hernández: Al Hilal can compete with Europe's best    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    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    







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Oil rises above $94 for 1st time since May
Published in Saudi Press Agency on 07 - 08 - 2012

Oil rose above $94 per barrel for the first time since May on Tuesday, buoyed by hopes for economic stimulus and worries about supply disruptions, AP reported.
Traders waited to see if a tropical storm could affect some of Mexico's crude production. There were also concerns about supplies from the Middle East after two pipelines carrying Iraqi crude to world markets were shut down, while rebels continued to battle government forces in Syria's largest city.
In New York, benchmark U.S. crude increased $1.57 to $93.77 per barrel in afternoon trading. It rose as high as $94.42 earlier. Brent crude, which is used to price international varieties of oil, increased $2.41, or 2.2 percent, to $111.99 per barrel, in London
Oil prices also benefited from expectations that Europe, the U.S. and China will take fresh steps to promote economic growth, thereby boosting demand for oil. A rally in global stock markets also persuaded investors to buy riskier assets like commodities.
Meanwhile, analysts expect drivers on the West Coast of the U.S. to soon pay more for gas after a fire shut Chevron Corp.'s big Richmond refinery.
Chevron closed the refinery near San Francisco after a fire broke out Monday. There is no immediate word on when it will reopen. The refinery accounts for about 10 percent of all refining capacity on the West Coast and primarily produces gasoline.
Motorists should expect to soon see pump prices average more than $4 per gallon ($1.05 a liter) along the West Coast, said Tom Kloza, chief oil analyst at Oil Price Information Service. The average price for a gallon of regular in California was $3.86 on Tuesday.
Authorities say Tropical Storm Ernesto could intensify into a hurricane and has the potential of moving into the Bay of Campeche, which houses two of Mexico's oil production areas. Mexico was the seventh-largest oil producer in the world in 2010 and the third-largest exporter to the U.S. last year, according to the Energy Information Administration.
-- SPA


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