Oil gains on concerns about Middle East supply disruptions; gas futures at record high.
SINGAPORE (AP) -- Oil prices edged up Monday in Asia after declining in the previous session on a housing report that ignited fresh concerns about the U.S. economy.
Light, sweet crude for February delivery added 16 cents to $96.16 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract fell 62 cents to settle at $96 a barrel Friday after a report showed weak figures on new home sales in the United States. The data again raised fears about a possible economic slowdown in the world's largest consumer of oil products.
Oil prices remain supported, though, by concerns about supply disruptions from the oil-rich Middle East.
Turkish jets hit suspected Kurdish rebel shelters in northern Iraq for a third time on Dec. 26. Turkey has also launched a cross border raid and fired artillery at Kurdish rebel positions since the first airstrike on Dec. 16. The rebels have vowed to take the group's battle for autonomy deep inside Turkey if the cross-border airstrikes do not stop.
The heightening of tensions in the Middle East usually brings worries that oil shipments from the region will be reduced or halted.
In late November, oil threatened to rise to $100 a barrel. It has since retreated as supplies appeared to be growing and demand seemed to be falling. But over the past several weeks, inventories have fallen in the U.S. while demand has remained strong.
Gasoline futures have been pushed to new records in recent days, in part by the Goldman Sachs Commodity Index's plan to boost its gasoline futures holdings next month. Nymex gasoline futures were untraded Monday, after closing at $2.4597 a gallon Friday.
The $90 billion fund, administered by Standard & Poor's, will boost its gasoline futures holdings by about $3 billion, according to Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service. That would raise its percentage holding in gasoline futures to 4.55 percent of the fund from 1.37 percent.
In other Nymex trading Monday, heating oil futures rose 1.31 cent to $2.6501 a gallon while natural gas prices dropped 6.4 cents to $7.322 per 1,000 cubic feet.
In London, February Brent crude added 12 cents to $94 a barrel on the ICE Futures exchange.
Monday, December 31, 2007
Crude edges above $96
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