13 Jun '11, 8pm

Oil prices mixed amid Saudi hike, Nigeria outage

NEW YORK: World oil prices diverged sharply on Monday as traders balanced expectations of rising Saudi Arabian output with news of a fresh supply outage in Nigeria. New York's main contract, light sweet crude for delivery in July, known as West Texas Intermediate (WTI), fell $1.99 to $97.30 a barrel. In London, Brent North Sea crude for July rose 32 cents to $119.10 a barrel, marking a record spread of nearly $22 between the prices of the two benchmark contracts. The plunge in the WTI price was due to "weaker fundamentals in the US" and the restoration of the Keystone pipeline, which delivers crude from Canada to the United States, said Matt Smith, an analyst with Summit Energy. Prices were also held down by expectations that Saudi Arabia will pump more crude after failing to clinch an output boost for the 12-nation Organisation of Petroleum Exporting Countries. Last week ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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