Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israeli warning

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

Oil prices rise only slightly on Gustav

©

Latest update : 2008-08-28

Oil prices rose only slightly in Asia on Thursday despite the high risk of tropical storm Gustav, which could build up to hurricane strength, reaching the Gulf of Mexico later in the day, threatening major US oil installations there.

World oil prices gained slightly in Asia on Thursday despite a tropical storm's threat to oil installations in the Gulf of Mexico and bullish inventory data, analysts said.

New York's main contract, light sweet crude for delivery in October, rose 55 cents to 118.70 dollars a barrel after a gain of 1.88 dollars to 118.15 at the close of trading on the New York Mercantile Exchange Wednesday.

Brent North Sea crude for October was 27 cents higher at 116.49. The contract rose 1.59 dollars to settle at 116.22 in London on Wednesday.

Dave Ernsberger, Asia director of global energy information provider Platts in Singapore, said prices in Asia had gained only marginally from their Asian close Wednesday.

"For me, the markets are showing signs of being war-weary" after crude prices fell 24 percent in just over a month, he said.

Prices have sunk from record highs above 147 dollars a barrel in early July after surging from 100 dollars at the start of the year.

Analysts say the struggling economy in the United States, the world's biggest energy consumer, has curbed demand for oil.

The threat posed by Tropical Storm Gustav, along with the latest weekly data from the United States Department of Energy, should have prompted greater market reaction, Ernsberger said.

"People just aren't in the mood to buy oil these days," he said.

But traders kept close attention on Gustav, which could build back up to hurricane strength and move into the Gulf region by this weekend.

The Gulf of Mexico accounts for 26 percent of US crude production and 11 percent of natural gas output.

In 2005, hurricanes Katrina and Rita damaged or destroyed about 165 oil platforms of about 4,000 located in the Gulf.

Energy giant Royal Dutch Shell said Wednesday it had begun "evacuating personnel not essential to producing and drilling operations in the Gulf."

The market shrugged off the latest US weekly report on energy inventories.

The US Department of Energy said crude stockpiles had fallen by 100,000 barrels last week, instead of the 2.2 million barrel increase forecast by most analysts.

Date created : 2008-08-28

Comments

COMMENT(S)