King Salman Global Academy for Arabic Language launches program with Indiana University    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Bulgaria's government survives no-confidence vote brought by pro-Russia party    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Rain expected in Makkah and Jeddah on Saturday    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    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 jump
Published in Saudi Press Agency on 26 - 12 - 2007


Oil prices jumped Wednesday on supply
concerns stoked by a new round of Turkish airstrikes in
northern Iraq and a growing belief that domestic oil
inventories fell last week, AP reported.
Turkey's military said its warplanes bombed eight
suspected Kurdish rebel positions in northern Iraq on
Wednesday. It was the third Turkish strike inside Iraq in
less than two weeks. Oil traders worry that the rebels
could cut oil supplies from Iraq in retaliation.
The new attacks came as oil investors awaited inventory
data from the Energy Department's Energy Information
Administration that is expected to show crude supplies fell
by 1.2 million barrels last week, the sixth straight weekly
decline.
Light, sweet crude for February delivery rose $1.84 to
$95.97 a barrel Wednesday on the New York Mercantile
Exchange after earlier rising to $96.07, a one-month high.
Trading in crude futures Wednesday was light, less than 10
percent of normal volume, meaning the sharp price move
could be exaggerated, said Linda Rafield, senior oil
analyst at Platts, the energy research arm of McGraw-Hill
Cos.
In its weekly report, the EIA is also expected to show
that inventories of distillates, which include heating oil
and diesel fuel, fell by 600,000 barrels last week,
according to the average estimate of analysts surveyed by
Dow Jones Newswires. Gasoline stockpiles are expected to
rise by 1.6 million barrels, while refinery activity is
expected to grow by 0.6 percentage point to 88.4 percent of
capacity.
Other energy futures were mixed Wednesday. January heating
oil futures rose 6.48 cents to $2.6595 a gallon on the
Nymex while January gasoline futures rose 7.26 cents to
$2.4566 a gallon. January natural gas futures lost 3.1
cents to $6.994 per 1,000 cubic feet.
In London, February Brent crude rose $1.87 to $94.57 a
barrel on the ICE Futures exchange.


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