Reply #88: Oil above $95

[UpInArms]

http://www.reuters.com/article/hotStocksNews/idUSSP21758220071102?sp=true

LONDON (Reuters) - Oil climbed more than $2 on Friday above $95 a barrel as concerns about tight supplies in the run up to winter prevented a major sell-off.

Investors still see oil as an attractive proposition, but its march towards $100 is making them cautious about the potential for further gains.

U.S. crude rose $2.08 to $95.57 a barrel by 1644 GMT.

Brent crude was up $2.13 at $91.85, after setting a new record high of $91.87.

"You could see people wanting exposure to strong oil and commodity markets if there is a potential for a correction in equities because of concerns about a U.S. slowdown," said Harry Tchilinguirian, senior oil market analyst at BNP Paribas.

But he said concern that oil, which struck a record $96.24 on Thursday, was near its peak would make investors wary.

"People may be cautious right now in going long into (oil) futures," he said. "We are in a zone of $92-$95 and there has to be a break-out either way. The question is have we topped out or are we going to cross $100."

...more...