Oil prices hovered above USD 97 a barrel Friday but were far from highs over USD 103 the day before amid signs the crisis in Libya may have cut supplies less than previously estimated and as Saudi Arabia seemed ready to boost output.
By early afternoon in Europe, benchmark crude for April delivery was up 42 cents at USD 97.70 a barrel in electronic trading on the New York Mercantile Exchange. Trading was volatile between USD 96.39 and USD 99.20. The contract on Thursday dropped 82 cents to settle at USD 97.28 after massive swings.
In London, Brent crude for April delivery was up 86 cents to USD 112.22 a barrel on the ICE Futures exchange, peaking earlier at USD 113.91.
In other Nymex trading in March contracts, heating oil rose 1.32 cents to USD 2.8905 a gallon and gasoline gained 0.53 cent to USD 2.722 a gallon. Natural gas futures were down 2.4 cents at USD 3.848 per 1,000 cubic feet.
By early afternoon in Europe, benchmark crude for April delivery was up 42 cents at USD 97.70 a barrel in electronic trading on the New York Mercantile Exchange. Trading was volatile between USD 96.39 and USD 99.20. The contract on Thursday dropped 82 cents to settle at USD 97.28 after massive swings.
In London, Brent crude for April delivery was up 86 cents to USD 112.22 a barrel on the ICE Futures exchange, peaking earlier at USD 113.91.
In other Nymex trading in March contracts, heating oil rose 1.32 cents to USD 2.8905 a gallon and gasoline gained 0.53 cent to USD 2.722 a gallon. Natural gas futures were down 2.4 cents at USD 3.848 per 1,000 cubic feet.
