Thursday, February 14, 2008

World oil prices climb after an unexpectedly weak rise in US crude stockpiles

World oil prices climbed on Thursday after an unexpectedly weak rise in US crude stockpiles, and amid the ongoing dispute between Venezuela and US energy major ExxonMobil, traders said. New York's main contract, light sweet crude for delivery in March, won 65 cents to 93.92 dollars a barrel. Brent North Sea crude for March delivery gained 92 cents to 94.24 dollars. 'Oil prices were still trading higher, extending last night's gains on the back of smaller than expected increase in US crude stockpiles,' said Sucden analyst Andrey Kryuchenkov. The US Department of Energy said Wednesday that crude stockpiles rose 1.1 million barrels to 301.1 million in the week ended February 8.

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