NEW YORK, June 1 (Xinhuanet) -- Crude oil futures in New York rose above 42 dollars per barrel Tuesday as traders were concerned that terrorist attacks in Saudi Arabia might disrupt shipments.
On the New York Mercantile Exchange (Nymex), crude oil for July delivery climbed 2.45 dollars, or 6.1 percent, to close at 42.33 dollars a barrel. It was the highest close since trading began in 1983 and the biggest single-session increase since March 24, 2003,when US and UK forces were massed on Iraq's border.
Meanwhile, on London's International Petroleum Exchange, the July Brent crude oil futures rose 2.48 dollars, or 6.8 percent, to settle at 39.08 dollars per barrel. It was the highest close since October 1990.
Last Saturday's terrorist attacks in Saudi Arabian oil-producing region raised concern that the crude oil shipments mightbe disrupted. " The country's oil industry depends on highly skilled technical workers and there's a fear that they will now flee," said an oil broker in New York.
However, a Saudi Arabian official reaffirmed that his country was committed to the proposal to increase oil output to 9 million barrels a day this month. US Secretary of State Colin Powell also said that Saudi Arabia was taking the steps needed to keep its oil industry secure.
Crude oil prices have increased substantially from a year earlier. In New York, oil prices were up 43 percent, while in London, prices were up 48 percent. Enditem |