Oil hit a new record near a barrel on Monday, boosted by a string of bullish factors that include a United Kingdom refinery strike and disruptions to Nigeria’s output that highlight the market’s anxieties over threats to supply. Prices held firm below earlier highs, despite a rally in the US dollar versus the euro and yen.
Oil prices leapt higher on Thursday as concerns about tight supplies were stoked by news that saboteurs had blown up an Iraqi export pipeline, traders said. New York’s main oil contract, light sweet crude for delivery in May, rose by $1,68 to close at $107,58 per barrel. In intraday trade it had hit $108,22.
Oil eased on Tuesday after it reached a record of almost a barrel in the previous session, buoyed by investor demand for commodities as well as expectations Opec will not increase supply despite high prices. United States light crude for April delivery was down 44 cents at ,01 a barrel by 10.30am GMT, after touching a record high of ,95 on Monday.
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/ 21 January 2008
Britain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal. The financing package will tie the government to Northern Rock, Britain’s biggest casualty of the global credit crunch, for years to come.
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/ 1 December 2007
Oil prices fell back below a barrel on Friday amid speculation that the Organisation of the Petroleum Exporting Countries (Opec) will decide to increase its output at a meeting next week, analysts said. New York’s main contract, light sweet crude for January delivery, fell ,03 to close at ,71 per barrel, after earlier striking a one-month low of ,52.
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/ 17 September 2007
Thousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets. Britain’s fifth-biggest mortgage lender said there was no need for investors or customers to panic