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Reply #3: Oil Prices Stay Under $60 Per Barrel [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-22-05 05:41 AM
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3. Oil Prices Stay Under $60 Per Barrel
SINGAPORE - Crude oil futures gained in Asian trading Thursday following the release of a U.S. government weekly report which showed a larger-than-expected drop in distillate stocks.

The market was largely unaffected by Royal Dutch Shell PLC's Thursday announcement it would declare a force majeure on its light, sweet crude exports from Nigeria after attackers set off dynamite at a pipeline two days ago. That means Shell will be exempt from not fulfilling its contract obligations due to conditions out of its control.

Light, sweet crude for February delivery on the New York Mercantile Exchange rose 14 cents to $58.93 a barrel in mid-afternoon electronic trading. The contract settled Wednesday at $58.56 a barrel, up 47 cents.

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