Thursday, 17 January 2013

Oil pushes higher in wake of Algeria attack

Crude-oil futures drifted back into positive territory finding underlying support following an attack by militants on a natural-gas field in Algeria that raised supply concerns.
In Europe, light, sweet crude for February delivery rose 40 cents, or 0.4%, to $94.64 a barrel in electronic trading. The trading was choppy, with the February contract earlier in negative territory.
The militants, with possible links to al Qaeda, seized about 40 foreign hostages including several Americans at a remote gas field in Algeria. An effort by Algerian security forces to storm the facility failed.
The attack leaves around 24 million cubic meters a day of gas and 60,000 barrels a day of liquids production offline, delivering another blow to Algeria’s stagnating gas industry.
February natural-gas futures rose 0.2% to $3.61 per million British thermal units.

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