Oil prices touched $30 a barrel here for the first time in more than two months on Thursday, with technical buying dominating the morning's trading, dealers said.
Brent North Sea benchmark crude for March delivery pushed up to $30.00, having closed at $29.91 on Wednesday. Prices were last this high on December 4.
New York light sweet crude March futures gained 90 cents on Wednesday to $31.25. Traders said that buying interest was keen because the Brent March contract is due to expire in the early part of next week, and dealers want to ensure they are not short of oil.
Analysts continue to point to factors such as fitful Iraqi exports and refinery bottlenecks for the rise in crude and refined product prices.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)
