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Price of Oil Drops Near $63 - ASHARQ AL-AWSAT English Archive
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LONDON, Asharq Al-Awsat- Oil fell towards $63 on Friday as investors took profit from this week’s rally, according to Reuters.

Royal Dutch Shell resumed output at its 120,000 barrels per day (bpd) Nigerian EA oilfield that had been closed for two days after gunmen kidnapped foreign oil workers, taking further heat out of the market.

But 100,00 bpd of Nigerian oil is still shut in because of a pipeline explosion.

U.S. crude futures shed 69 cents to $63.25 a barrel at 1327 GMT, after hitting a session peak of $65.10 a barrel on Thursday, the highest level since early October. London Brent crude was down 70 cents at $61.92 a barrel.

Prices have shot up close to $7 since late December as geopolitical factors and speculative buying outweigh higher fuel stocks in the United States, the world’s biggest oil consumer.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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