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Oil prices soar by over $5

Crude rallies on Iran and Nigeria supply fears. Petrobras workers' strike supports bullish sentiment.





Updated on 11 Jul 2008 08:27 GMT

Oil prices jumped by more than $5 on Thursday following US political tensions with Iran and the threat of an oil workers strike in Brazil.

Crude oil for August delivery on the New York Mercantile Exchange (NYMEX) soared $5.60 to settle at $141.65 per barrel yesterday, the largest one-day increase since June 6th. Prices had earlier reached an intra-day high of $142.13 per barrel.

London Brent crude prices for August delivery shot up to $142.03 per barrel, up $5.45 on the previous day.

According to union representatives, Brazil's Oil Workers Confederation is planning a five-day strike from July 14th. Approximately 4,500 employees of Petroleo Brasileiro SA (Petrobras) are expected to take part in the protest to get full pay for the day they return to the mainland after a 14-day shift at sea on platforms in the offshore Campos Basin.

Meanwhile, Iran yesterday carried out further missile launches yesterday following comments made by Condoleezza Rice. The US Secretary of State had warned the Middle East's second largest oil producer that the United States would defend its allies after Iran test-fired a missile it said is capable of reaching Israel.

In Nigeria, the threat of disuption to oil production supported bullish market sentiment. The Movement for the Emancipation of the Niger Delta vowed to resume atacks on oil facilities following Britain's recent pledge to back the government in the conflict there. The militant group said it would call off its unilateral cease-fire from midnight on July 12th.

In Asian trade, WTI crude for August delivery traded at $142.15 per barrel at 07:59 GMT, up $0.50 on the previous day. Meanwhile, Brent crude on the Intercontinental Exchange (ICE) was pegged at $142.32 per barrel, $0.29 higher than yesterday's settlement price.






Related Links:

Crude holds steady in early trading
Oil prices nosedive by over $5
New York Merchantile Exchange (NYMEX)
IntercontinentalExchange Inc. (ICE)

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