• Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

  • Don't take us for fools

    It's time for businesses to stop thinking consumers are gullible, says Mandi Smallhorne.

All data is delayed
See More

Oil up as trans-Alaska pipeline stays shut

Jan 10 2011 09:52

Singapore - Oil prices rose in Asian trade on Monday as a trans-Alaska pipeline, which carries an estimated 12% of US crude output, was shut at the weekend, analysts said.

New York's main contract, light sweet crude for February delivery, was up 97 cents to $89.00 per barrel.

Brent North Sea crude for February rose 72c to $94.05.

"Crude is moving towards $90 a barrel as there is some uncertainty in the market as to when the pipeline will reopen," said Ong Yi Ling, investment analyst for Philip Futures in Singapore.

US media reports said the trans-Alaska pipeline remained shut after a leak, discovered on Saturday, at a pump station. The pipeline carries between 630 000 and 650 000 barrels of crude.

On Friday, crude prices fell as a stronger dollar made the commodity more expensive and a closely watched US unemployment report came in below expectations.

The US Labour Department reported a sharp drop in the unemployment rate in December to 9.4%, but at the same time, the economy created 103 000 jobs, much fewer than the 150 000 forecast by analysts.

The United States is the world's biggest oil-consuming nation.

dollar  |  commodities  |  markets  |  oil



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
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote