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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