viewBrent Crude Oil

Oil prices top $100 on supply concerns


Crude oil contracts in New York decoupled from London Brent crude today as while US benchmark crude rose above the US$100 per barrel mark for the first time since July, Brent shed nearly US$1.

Gains in US crude oil contracts were driven by expectations that today’s official inventories report from the US Department of Energy will show a decline in the oil supplies in the world’s largest energy consumer.

Analysts polled by Bloomberg news forecast a decrease of 1.2 million barrels for the week to November 13 after shedding 1.37 million barrels in the previous seven days.

Meanwhile, Brent crude, which is more exposed to the European debt crisis, was hit by another increase in euro zone bond yields and the Bank of England’s decision to reduce its growth forecasts for the UK economy to one percent for the current year and 2012.

US light, sweet crude for December delivery, currently the most actively traded contract on the New York Mercantile Exchange (NYMEX), rose US$2.17 to US$101.54/barrel in morning trade in New York.

December Brent crude declined 73 cents to US$111.37/barrel on the ICE Exchange this afternoon.

Today’s top risers in the oil and gas sector were:

Roxi Petroleum (LON:RXP), up 20.5 percent at 4.68 pence at midday

Sefton Resources (LON:SER), up 8 percent at 3.4 pence

San Leon Energy (LON:SLE), up 7 percent at 13.65 pence

Urals Energy (LON:UEN), up 6 percent at 6.49 pence

Afren (LON:AFR), up 5 percent at 96.45 pence

The top fallers were:

3Legs Resources (LON:3LEG), down 37.5 percent at 84.75 pence at midday

Pantheon Resources (LON:PANR), down 10 percent at 10.45 pence

Enegi Oil (LON:ENEG), down 9 percent at 10 pence

Frontera Resources (LON:FRR), down 8 percent at 1.32 pence

Caza Oil & Gas (LON:CAZA), down 8 percent at 11.06 pence

Quick facts: Brent Crude Oil

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Market: LSE
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