Azeri Light crude sells for $108. 84

28 İyun 2011 18:10 | 749

Oil rose in New York on speculation U.S. fuel demand will increase and as OPEC clashed with the International Energy about the need for more oil. Brent`s premium to New York oil widened, according to Bloomberg.
Crude climbed as much as 0.9 percent after trading near its lowest price in more than four months before a report today that may show a rebound in consumer confidence in the U.S. The price difference between Brent and New York crude increased as much of the International Energy Agency`s emergency oil-stock release will be in the U.S. The Organization of Petroleum Exporting Countries` secretary-general and the group`s president said separately yesterday there was no need for IEA action.
"Sooner or later we had to see a rebound, and oil will remain volatile in the short-term because of the disagreements between the IEA and OPEC about market fundamentals," said Andy Sommer, a senior analyst at EGL AG in Dietikon, Switzerland. "The Brent-WTI spread is widening because a large part of the IEA stock release will be from the U.S. east coast reserves into the U.S. market, depressing WTI prices."
Crude for August delivery rose as much as 80 cents to $91.41 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.93 at 10:27 a.m. London time. Yesterday, the contract fell 0.6 percent to $90.61, the lowest settlement since Feb. 18. Futures have gained 16 percent in the past year.
Brent oil for August settlement on the London-based ICE Futures Europe exchange climbed as much as $1.51, or 1.4 percent, to $107.50 a barrel. The European benchmark contract was at a premium of $15.90 to New York-traded West Texas Intermediate. On June 15, the difference between front-month contracts reached a record $22.29.
A barrel of Azeri Light crude oil sold for $108. 84 in the world markets.