Oil hits 36 dollars a barrel in New York
Crude oil prices in New York jumped to 36 dollars a barrel Friday -- the highest level since the 1990 Iraqi invasion of Kuwait -- before closing at 35.92 dollars.
The price quoted here for light sweet crude was up nearly two dollars from Thursday's closing price of 34.07 dollars.Analysts cited new tensions between Kuwait and Iraq and the threat of a hurricane in the Gulf of Mexico for the price rise.
Earlier in London, the price of benchmark North Sea Brent crude -- which often varies from the light sweet crude quoted in New York -- rose to 33.56 dollars.—AFP.
©--Agence France Presse.
© 2000 Mena Report (www.menareport.com)