Oil prices rise

AFP, SINGAPORE: Oil prices rose yesterday in Asian trading hours as the US and European benchmarks traded at parity after the lifting of a 40-year ban on American crude exports.
At 0600 GMT New York's West Texas Intermediate for February delivery was up 32 cents at $36.46 a barrel.
London's Brent crude for February stood at exactly the same price, 35 cents above its closing price in London.
Analysts said an imminent report by the Department of Energy on US oil inventories could reverse the recent gains of both crude varieties ahead of the long Christmas Day weekend. WTI had risen to as much as $36.56, Bloomberg News reported.
"Market participants cheered the Congress's approval for the removal of the 40-year ban on US crude exports," said Bernard Aw, market strategist at IG in Singapore.

Oil prices rise

AFP, SINGAPORE: Oil prices rose yesterday in Asian trading hours as the US and European benchmarks traded at parity after the lifting of a 40-year ban on American crude exports. At 0600 GMT New Yorks West Texas Intermediate for February delivery was up 32 cents at $36.46 a barrel. Londons Brent crude for February stood at exactly the same price, 35 cents above its closing price in London. Analysts said an imminent report by the Department of Energy on US oil inventories could reverse the recent gains of both crude varieties ahead of the long Christmas Day weekend. WTI had risen to as much as $36.56, Bloomberg News reported. Market participants cheered the Congresss approval for the removal of the 40-year ban on US crude exports, said Bernard Aw, market strategist at IG in Singapore.