Friday, March 16, 2012

Oil up in Asia as US-British crude pact denied

SINGAPORE: Oil prices rose in Asian trade Friday after the US and Britain denied reports that the two countries had agreed to release strategic reserves of crude, analysts said.

New York's main contract, light sweet crude for delivery in April up 36 cents to $105.47 while Brent North Sea crude for May delivery gained 37 cents to $122.97 on its first trading day.

The White House confirmed the issue was discussed by US President Barack Obama and British Prime Minister David Cameron, but denied that there was a pact.

"I can tell you that among the many topics of discussion that the British prime minister and the president had were energy issues, and the situation globally with the rise in the price of oil," said White House spokesman Jay Carney.

"But I can say very clearly that the report suggesting that any kind of an agreement was reached on a course of action with regard to those energy issues, that any agreement was reached with a timetable associated with it, that report is false. It is not accurate."

Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, told AFP: "Oil has been rebounding since that denial."

Crude prices -- which have risen in recent month amid concerns over a stand-off between the West and Iran -- had fallen by more than $2 in New York and more than $4 in London before the denial.

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Source From Channle News Asia

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