Saudi, Greek ministers co-chair inaugural meeting of Strategic Culture Committee    Saudia Group signs deal with Airbus for flyadeal's first wide-body aircraft    Saudi non-oil exports surge 14.3 percent to SR26.11bn in February    Israeli strikes across Gaza kill at least 26, Palestinian officials say    Modi pledges to hunt Kashmir attackers 'to the ends of the Earth'    Trump's trade war olive branch met with derision and mistrust inside China    Ministry of Justice launches centralized court model to enhance judicial efficiency    Kyiv hit by deadly Russian missile and drone attack    Saudi Arabia elected chair of Asia region of World Meteorological Organization    Saudi Media Regulation Authority to take legal action against unregistered media practitioners    Musk to reduce Doge role after Tesla profits plunge    IMF lowers its growth forecast for Saudi economy to 3% in 2025    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Super Max Verstappen scorches to pole with record lap in Jeddah    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    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 prices rise past mid-US$87 a barrel in Asia
Published in Saudi Press Agency on 18 - 10 - 2007

Oil prices rose in Asia Thursday as futures were whipped around by inventory outlooks and worries over a possible attack by Turkey on Kurdish rebels
in northern Iraq, the Associated Press reported.
Light, sweet crude for November delivery rose 40 cents to
US$87.80 a barrel in Asian electronic trading on the New
York Mercantile Exchange by late afternoon in Singapore.
The Nymex crude contract lost 21 cents to settle at
US$87.40 a barrel Wednesday in the U.S. after trading at a
record US$89 a barrel.
On Wednesday, though, unexpectedly large gains in U.S.
crude oil and gasoline inventories won the day over news
that Turkey's parliament approved a government plan to
attack Kurdish rebels in northern Iraq.
The U.S. Energy Department's weekly inventory report also
countered previous perceptions that oil supplies are
falling and demand is growing, analysts said. Many argue
that speculative investing is the real culprit behind oil's
rally over the last week.
The Energy Information Administration reported that crude
inventories rose 1.8 million barrels during the week ended
Oct. 12, more than the 1 million barrel increase analysts
surveyed by Dow Jones Newswires had expected on average.
The EIA also said gasoline supplies rose 2.8 million
barrels last week, nearly triple analyst expectations for a
1 million barrel increase.
Distillates, which include heating oil and diesel fuel,
rose 1 million barrels last week, the EIA said, while
analysts had predicted a fall of 400,000 barrels.
December Brent crude rose 4 cents to US$83.17 a barrel on
the ICE futures exchange in London.
Nymex heating oil futures rose 1.05 cent to US$2.3294 a
gallon (3.8 liters) while gasoline prices added 0.48 cent
to US$2.1514 a gallon. November natural gas futures fell
6.2 cents to US$7.396 per 1,000 cubic feet.
The EIA also reported that U.S. refinery activity fell
last week by 0.5 percentage point to 87.3 percent of
capacity. Analysts had expected refinery utilization to
grow by 0.4 percentage point.


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