Monday, February 11, 2008

Oil prices ranged widely Monday, supported by Venezuelan President Hugo Chavez's threat to cut off sales to the United States

Oil prices ranged widely Monday, supported by Venezuelan President Hugo Chavez's threat to cut off sales to the United States, but weighed down by continued worries about a U.S. recession. Light, sweet crude for March delivery rose 11 cents to $91.88 (U.S.) a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier, prices rose as high as $92.71 and fell as low as $91.30 a barrel. Oil spiked Sunday when Mr. Chavez accused Texas-based Exxon of acting in concert with Washington, and vowed that “the outlaws of Exxon Mobil will never again rob us.

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