MELBOURNE: Oil prices rose 1 per cent on Monday (Aug 29), as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. US West Texas Intermediate (WTI) crude fut
MELBOURNE: Oil prices rose 1 per cent on Monday , as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States.
Brent crude futures rose 89 cents, or 0.9 per cent, to US$101.88 a barrel, extending a 4.4 per cent gain last week. Heavy clashes in Libya's capital which killed 32 people on the weekend sparked concern that the country could slide into a full-blown conflict, which could again disrupt crude supply from the OPEC nation, they said.
"While a strong dollar restrains broad commodity prices, the undersupply issue in the oil markets will probably continue to support the upside bias", said CMC Markets analyst Tina Teng.
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