Oil prices rise in Asian trades despite Mideast truce
Oil prices in Asia rose in morning trade Wednesday, unswayed by the Israeli-Palestinian truce agreement. Around 0330 GMT, the benchmark access contract traded on the New York Mercantile Exchange for November delivery was trading here at $33.60 a barrel, up 61 cents from its closing levels the day before.
But the price remained well below last week's 10-year highs set on Thursday, when the spectre of a war in the Middle East sent crude futures spiraling some nine percent to around $36 a barrel.
Analysts said Wednesday's rise reflected continuing uneasiness in the market even though the new Middle East agreement, reached Tuesday at the Egyptian resort of Sharm el-Sheikh, had reduced the likelihood of conflict.—AFP.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)