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Winnipeg Free Press - PRINT EDITION

Oil prices increase on concerns about supply

By: Staff Writer

Posted: 10/10/2012 1:00 AM | Comments: 0

NEW YORK -- The price of oil rose more than three per cent Tuesday on concerns about supplies from the Middle East and the North Sea.

Benchmark crude gained $3.06, or 3.4 per cent, to finish at $92.39 a barrel in New York. In London, Brent crude, which is used to price international varieties of oil, rose $2.68, or 2.4 per cent, to end at $114.50.

Analysts said some North Sea oil rigs have been slow to resume production after undergoing maintenance. There is also concern that tensions between Turkey and Syria could escalate and disrupt supplies from the Middle East. The Middle East and North Africa account for about a third of global oil production.

Saudi Arabia's oil minister tried to ease concerns about supply. Ali al-Naimi told reporters his country now pumps around 10 million barrels a day, and said its production capacity of more than 12 million barrels is sufficient to meet any world demand.

Worries about supplies also seemed to trump bearish news from the International Monetary Fund. The international lending organization cut its global growth forecast to 3.3 per cent for this year from 3.5 per cent and said advanced economies are at the risk of another recession.

In other energy futures trading in New York:

-- Wholesale gasoline rose 6.6 cents, or 2.3 per cent, to finish at $2.96 per gallon.

-- Natural gas rose 6.4 cents to end at $3.47 per 1,000 cubic feet.

-- Heating oil advanced six cents to finish at $3.20 per gallon.

-- The Associated Press

Republished from the Winnipeg Free Press print edition October 10, 2012 B5

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