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Oil prices climb in wake of Saudi blast
London, Nov 10: Oil prices rose today as traders nervously bought up supplies following a suicide bombing in Saudi Arabia which killed at least 17 people and injured about 120 more.
London, Nov 10: Oil prices rose today as traders nervously bought up supplies following a suicide bombing in Saudi Arabia which killed at least 17 people and injured about 120 more.
The price of brent North Sea crude oil for December delivery gained 32 cents to 29.23 dollars per barrel in early deals.
New York's reference light sweet crude December contract rose 20 cents to 31.05 dollars per barrel in out-of-hours electronic trading.
Traders were wary following the explosion late yesterday which devastated a housing compound in Riyadh, and which Saudi officials said bore the hallmarks of al-Qaeda, the terrorist group headed by Saudi-born Osama bin Laden. Any terrorist attacks in the world's leading crude producer were bound to see prices rise, analysts said.
"It is an immediate reaction to the Saudi bombing over the week-end," said Tony Machacek from prudential bache.
"The market is fairly nervous and heavily influenced by the sort of news linked to an escalation of Middle East violence or potential terrorism in Saudi Arabia," he said.
Bureau Report
New York's reference light sweet crude December contract rose 20 cents to 31.05 dollars per barrel in out-of-hours electronic trading.
Traders were wary following the explosion late yesterday which devastated a housing compound in Riyadh, and which Saudi officials said bore the hallmarks of al-Qaeda, the terrorist group headed by Saudi-born Osama bin Laden. Any terrorist attacks in the world's leading crude producer were bound to see prices rise, analysts said.
"It is an immediate reaction to the Saudi bombing over the week-end," said Tony Machacek from prudential bache.
"The market is fairly nervous and heavily influenced by the sort of news linked to an escalation of Middle East violence or potential terrorism in Saudi Arabia," he said.
Bureau Report