Oil prices approach 100 dollars per barrel

LONDON (AFP) – World oil prices advanced on Friday towards 100 dollars per barrel, briefly topping 96 dollars, as geopolitical jitters stemming from Nigeria and Venezuela stoked global supply concerns, traders said.

Those market fears overshadowed a gloomy warning from Federal Reserve chairman Ben Bernanke, who predicted “a period of sluggish growth” ahead for the energy-hungry US economy.


New York’s main contract, light sweet crude for delivery in March, won 43 cents to 95.89 dollars a barrel, after rising as high as 96.05 dollars — which was last seen on January 9.

Brent North Sea crude for March delivery gained 19 cents to 95.35 dollars.

“Oil prices have continued their upwards march,” said Barclays Capital analyst Kevin Norrish.

“Frequent supply disruptions … and a broader sense of supply-insecurity brought about by tense relationships between producers and consumers are factors explaining the remarkable strength in oil prices,” he added.

AFP