Loading...
See More

Oil prices extend gains

Sep 28 2012 07:44 AFP

Related Articles

Oil prices rebound in Asia

Oil rises on calls for more Iran sanctions

World oil prices down

Oil recovers on Spanish bailout talk

Oil up on bargain-hunting

Oil dips on stimulus doubts

 

Singapore - World oil prices rose in Asian trade on Friday, extending gains made in New York, as rising geopolitical tensions in the Middle East stoked concerns over crude supply.

Spain's announcement of an austerity budget also helped lift the market as it eased fears over an escalation of the eurozone crisis, analysts said.

New York's main contract, light sweet crude for November, was up 43 cents at $92.28 a barrel in the morning and Brent North Sea crude for delivery in November added 14 cents to $112.15.

"Tensions between Iran and the West reinforced concerns about potential supply disruptions," Phillip Futures said in a market commentary.

"Israeli Prime Minister Benjamin Netanyahu drew his 'red line' for Iran's nuclear programme in a speech at the United Nations... and voiced confidence the United States shares his view," it added.

Western powers have been pressuring Iran to halt its nuclear programme but Tehran has insisted its efforts were solely for peaceful purposes.

Madrid unveiled it 2013 budget focussed on spending cuts and featuring structural reforms agreed with the European Union, bringing relief to the crisis-weary eurozone as it pointed to a full bailout of the debt-strapped nation.

IG Markets Singapore said in a commentary the budget is "widely seen as the first step to approaching the EU for a full bailout as it gets its house in order".


*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...