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Posted on 01/30/2006 2:43:18 AM PST by RWR8189
SINGAPORE - Oil prices rose Monday on persistent supply fears tied to Iran's tense diplomatic standoff with the West over its nuclear ambitions and militant attacks in oil-rich Nigeria.
Light, sweet crude for March delivery rose 53 cents to $68.29 a barrel on the New York Mercantile Exchange in Asian electronic trading. The contract on Friday rose $1.50 to settle at $67.76 a barrel.
Heating oil rose 1.16 cents to $1.8185 a gallon while gasoline gained 2 cents to $1.7564 a gallon.
March Brent crude on London's ICE Futures exchange rose 49 cents to $66.73 a barrel.
Prices also rose ahead of a closely watched meeting of the Organization of Petroleum Exporting Countries in Vienna on Tuesday.
The cartel is unlikely to cut production, although Iran, OPEC's second-largest oil producer, which has been under international pressure over its renewed nuclear program, officially cites a buildup of excess supply as reason for a cut.
But Saudi Oil Minister Ali Naimi, one of OPEC's most influential voices, said Sunday as he arrived in Vienna ahead of the meeting that the cartel had no reason to cut its output at this meeting or this year.
Iran insists the restarting of its nuclear program is aimed at generating electricity, while the U.S. and several European countries fear it could lead to nuclear weapons.
Germany, France, Britain and the U.S. have called for Iran's referral to the United Nations Security Council, a move that could lead to sanctions. China and Russia remain unconvinced.
The countries' foreign ministers were to hold a private meeting in London on Monday in an attempt to break the diplomatic deadlock over Iran's nuclear program.
In Nigeria's restive south, gunmen robbed South Korea's Daewoo oil company offices of over $250,000 in cash, police said Sunday.
A rash of violence and hostage takings that began earlier this year in the area of swamps and creeks has left over two dozen dead, cut exports and helped push up crude prices. It was the second such armed robbery in days in the oil-producing region in Nigeria, Africa's largest petroleum exporter.
Meanwhile, Nymex natural gas for March delivery advanced 29.3 cents to $8.8 per 1,000 cubic feet. Light, sweet crude for March delivery rose 53 cents to $68.29 a barrel on the New York Mercantile Exchange in Asian electronic trading. The contract on Friday rose $1.50 to settle at $67.76 a barrel.
Heating oil rose 1.16 cents to $1.8185 a gallon while gasoline gained 2 cents to $1.7564 a gallon.
March Brent crude on London's ICE Futures exchange rose 49 cents to $66.73 a barrel.
Prices also rose ahead of a closely watched meeting of the Organization of Petroleum Exporting Countries in Vienna on Tuesday.
The cartel is unlikely to cut production, although Iran, OPEC's second-largest oil producer, which has been under international pressure over its renewed nuclear program, officially cites a buildup of excess supply as reason for a cut.
But Saudi Oil Minister Ali Naimi, one of OPEC's most influential voices, said Sunday as he arrived in Vienna ahead of the meeting that the cartel had no reason to cut its output at this meeting or this year.
Iran insists the restarting of its nuclear program is aimed at generating electricity, while the U.S. and several European countries fear it could lead to nuclear weapons.
Germany, France, Britain and the U.S. have called for Iran's referral to the United Nations Security Council, a move that could lead to sanctions. China and Russia remain unconvinced.
The countries' foreign ministers were to hold a private meeting in London on Monday in an attempt to break the diplomatic deadlock over Iran's nuclear program.
In Nigeria's restive south, gunmen robbed South Korea's Daewoo oil company offices of over $250,000 in cash, police said Sunday.
A rash of violence and hostage takings that began earlier this year in the area of swamps and creeks has left over two dozen dead, cut exports and helped push up crude prices. It was the second such armed robbery in days in the oil-producing region in Nigeria, Africa's largest petroleum exporter.
Meanwhile, Nymex natural gas for March delivery advanced 29.3 cents to $8.8 per 1,000 cubic feet.
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They got oil out the nose and ears. This would be bringing coals to Newcastle, or ice to eskimos.
XOM is at $61.29.
Buy!
nor supply or demand has changed, yet speculators continue to torpedoe the American markets for their own good. It will cost this country yet. It already whittled our gdp down to 1 percent growth in the fourth quarter last year. lets see how much damage we can do this quarter, shall we?
XOM has been a very nice thing to have in my portfolio, I bought in mostly during 2002, for under $40/share.
I think its a bit too rich to buy now.
Probably is too high. I don't really follow it although I do have a few shares. Mine was a sentimental buy many, many years ago. When I was a kid my dad worked for a local Mobil delivery service for a short time in Michigan. I rode in the truck with him a couple of times.
Could you provide a source for the 1%, please. Cause I keep hearing growth revolves around 4%. Thanks.
Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product
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