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World oil prices rose on Monday, breaching 67 dollars a barrel in London, as the market focused on concerns over tight supplies, traders said.
US motor fuel prices have have hit an all-time record, breaking highs set in 2005 following devastation from Hurricane Katrina, the American Automobile Association said Monday.
World oil prices recovered on Thursday as the market turned its focus to problems at US refineries ahead of the high demand season for motor fuel and unrest in crude producer Nigeria.
World oil prices rallied on Thursday as the market focused on problems at US refineries ahead of the high-demand season for motor fuel, and unrest in crude producer Nigeria, traders said.
The price of Brent crude hit the highest level for more than eight months on Friday, rising above 70 dollars a barrel on concerns over tight supplies before recoiling on profit-taking.
World oil prices rose on Monday as the market saw no end to concerns over tight supplies caused by unrest in key crude producer Nigeria and output disruptions at US refineries, traders said.
World oil prices firmed on Wednesday as traders awaited the latest report on gasoline and other US energy inventories.
Oil prices showed mixed fortunes Tuesday, amid the start of the peak-demand season for motor fuel in the United States and reassurances from top crude producer Saudi Arabia that supplies were strong.
World oil prices drifted lower on Thursday ahead of a predicted increase in American gasoline or petrol reserves, and as supply tensions eased in key producer Nigeria, traders said.
World oil prices paused on Friday as traders examined a surprise decline in US crude stocks and fresh production disruptions in key crude exporter Nigeria.
The Organization of Petroleum Exporting Countries has warned that the drive for environment-friendly bio-fuel risked pushing oil prices "through the roof," the Financial Times reported Wednesday.