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Oil hovering near $130 after 3 days of fall

Oil hovering near $130 after 3 days of fall
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First Published: Fri, Jul 18 2008. 11 36 PM IST
Updated: Fri, Jul 18 2008. 11 36 PM IST
Oil prices were hovering near $130 (Rs5,594) a barrel on Friday as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago.
By the afternoon in Europe, light, sweet crude for August delivery was up $1.43 at $130.72 a barrel in electronic trading on the New York Mercantile Exchange.
Prices on Friday were fluctuating between a low of $128.54 and a high of $132.04, responding also to relatively small changes in the valuation of the US dollar against the euro and the Japanese yen.
The Nymex contract fell $5.31 to settle at $129.29 a barrel in the overnight floor session. That brought the total decline over the past three days to nearly $16. In London, Brent crude futures for September delivery rose 81 cents to $131.88 on the ICE Futures Exchange. Regarding Nigeria, Eni SpA said it had shut down pipelines carrying 47,000 barrels of oil a day after a “sudden drop of pressure.” Eni said in a statement that the causes of the incident were unknown.
Alex Kennedy in Singapore contributed to this report.
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First Published: Fri, Jul 18 2008. 11 36 PM IST