Oil prices climbed on Thursday after a bigger-than-expected draw in US gasoline stocks reignited worries about summer supplies in the worlds top fuel consumer.
United Arab Emirates oil minister Mohammed bin Dhaen al-Hamli said Opec was powerless to bring down prices that are closing in on their record $70 a barrel high. "Fundamentally there is nothing we can do," he told reporters in Paris when asked how Opec might tame oil costs that are at their highest for a quarter of a century in real terms.
US crude oil futures touched a two-month high of $68.2. The may contract was up 28 cents to $67.4, adding to Wednesdays 1.3% gain.
London Brent crude spiked to a seven-month high of $68.3, and later was up 57 cents to $67.7
Oil prices were also buoyed by the resumption of investment fund buying in the commodities sector.Nigerian oil minister Edmund Daukoru said earlier this week production at Royal Dutch Shells 115,000 barrel-per-day offshore EA oilfield should resume on Thursday.
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| Posted : 4/8/2006 |
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