Oil near $99 amid Europe debt jitters
KUALA LUMPUR, Malaysia
Oil prices edged up near $99 a barrel in Asia on Monday amid concerns that tensions in the Middle East would hurt crude supply, but gains are tempered by jitters over Europe’s ratings downgrade.
Benchmark crude for February delivery rose 18 cents to $98.88 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.
The contract fell 40 cents to settle at $98.70 in New York on Friday.
Natalie Robertson, commodities analyst with ANZ Banking Group in Melbourne, said fears of supply disruption amid ongoing tension over Iran’s nuclear program and a crippling nationwide strike in Nigeria supported crude prices, but trade was subdued by headwinds from the declining debt crisis in Europe.
“The oil market is a bit mixed at the moment given all the uncertainties coming out of the Middle East as well as escalating issues in Europe,” she said.
From wire reports
Selected local stocks
Aqua America, .66, 21.26 —.10
Clear Channel, .78 61.78 —1.19
Cortland Bancorp, 6.75.15
Farmers Nat.5.05 .00
First Energy, 2.20, 42.17—.03
FirstMerit Corp., .64,15.97 —.33
First Niles Financial, .32,7.25.25
First Place Fin., .58.00
FNB Corp., .48,12.30—.02
General Electric, .68,18.84—.09
Motors Liquidation, .0422.00
Huntington Bank, .16, 5.97.00
JP Morgan Chase, 1.00,35.92—.93
Key Corp, .12,8.31.09
LaFarge, 9.17 —.15
Macy’s, .40, 34.42—.62
Parker Hannifin, 1.48, 82.44—.64
RTI Intl. Metals,25.62—.22
Simon Prop. Grp.,3.60,126.92—.09
Stoneridge 9.44 .08
United Community Fin. 1.21—.05
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.