Oil prices rise on renewed supply concerns

26-Dec-07

Light, sweet crude for February delivery rose to US$94.39 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. Wednesday witnessed a rise in crude oil prices on renewed supply concerns amid expectations that data will show a new decline in US oil inventories. Crude oil supplies in the United States are expected to fall for the sixth consecutive week. This drop by 1.2 million barrels is expected because of a decline in imports due to fog that kept tankers outside the Houston Ship Channel last week. In London, February Brent crude rose to US$93.35 a barrel on the ICE Futures exchange.