Oil prices drift higher ahead of Arab summit

Published October 22nd, 2000 - 02:00 GMT

Oil prices drifted higher on Friday as investors adopted a cautious stance ahead of an emergency Arab summit in Cairo at the weekend on the Israeli-Palestinian crisis. 

 

Brent North Sea crude for December delivery was selling for $31.09 a barrel after closing at $30.74 on Thursday. 

 

Market players fear that developments at the Arab summit could have a knock-on effect on prices, and were unwilling to take outlandish positions on Friday. 

 

Prices were sent skyrocketing to 10 year high points above $35 last week amid concerns that the Israeli-Palestinian stand-off could flare up into a regional crisis, drawing in oil-producing Arab nations on the side of the Palestinians. 

 

Some analysts have warned that if Palestinian-supporting Arab nations were to use oil as a political lever to pile pressure on Israel's allies in the West, prices could spiral sharply.--AFP. 

(C)--Agence France Presse. 

 

© 2000 Mena Report (www.menareport.com)

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