Oil prices creeping up again
Oil prices are on the rise again after disruptions to refined products output in Germany and South Korea ahead of winter.
US light crude gained 13 cents to $41.84 a barrel, after ending 35 cents up on Friday. Traders said they expected it to break the $42-mark, bringing the price nearer to the all-time high of $42.45 hit in early June.
London Brent crude was up 23 cents to $38.50 a barrel after ending up 26 cents last week. The upsurge was driven by speculative interest in heating oil and gas oil.
Meanwhile in other new for oil producers and speculators this morning, Tullow Oil PLC said drilling has been suspended on the Bangora Well in Bangladesh because of seasonable rains but that before the suspension, preliminary logging indicated the likely presence of gas-bearing sands.
Tullow, which is operator of the well and holds a 30% interest, said operations will remain suspended until flood levels in the region recede.
