Pakistan Business News
International Business News
SINGAPORE: Oil prices have surged above $107 a barrel today in the Asian market as traders stake an improving U.S. economy will boost demand at a time when the ability to increase crude production is limited.
Benchmark oil for April delivery was up 68 cents to $107.02 at midday in electronic trading on the New York Mercantile Exchange. Yesterday, the contract fell $1.06 to settle at $106.34 per barrel in New York. Brent crude was up 19 cents at $125.53 per barrel in London. Crude oil has jumped from $96 last month amid investor concern that growing tensions over Iran’s nuclear program could spark a military conflict that disrupts global crude supplies. Heating oil rose 2.7 cents to $3.27 per gallon and gasoline futures gained 1.8 cents at $3.34 per gallon. Natural gas slid 0.5 cent at $2.26 per 1,000 cubic feet.