New York Oil Prices Soar to Two-Year High

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Last updated at: (Beijing Time) Saturday, January 04, 2003

New York Oil Prices Soar to Two-Year High

Crude oil prices Friday soared to the highest level in two years on the New York market amid traders' concerns that the month long strike in Venezuela is cutting its supply for global markets.

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Crude oil prices Friday soared to the highest level in two years on the New York market amid traders' concerns that the month long strike in Venezuela is cutting its supply for global markets.

The price of crude oil for February delivery on the New York Mercantile Exchange (Nymex) closed at 33.08 dollars per barrel, up1.23 dollars from Thursday's close, the highest closing price since Nov. 30, 2000.

Meanwhile, Nymex February gasoline futures climbed 3.60 cents to 91.90 cents a gallon, February heating oil gained 3.73 cents to91.82 cents a gallon, and natural gas for January delivery rose 9.3 cents to close at 5.344 dollars per 1,000 cubic feet.

In London, the February North Sea Brent crude oil futures jumped 1.34 dollars to 30.77 dollars a barrel on the International Petroleum Exchange.

The market surged after a nationwide strike in Venezuela entered its second month. At least 80 people were injured as police and soldiers tried to keep supporters and opponents of President Hugo Chavez from clashing outside Caracas' main military base, according to police.

The strike which began Dec. 2 has sent Venezuela's crude oil production and exports at a standstill. Petrologistics, a Geneva-based tanker tracker, said Friday that crude oil output by the Organization of Petroleum Exporting Countries (OPEC) fell by 1.9 million barrels a day, or 8 percent, to 22.7 million barrels a day in December, mostly due to Venezuela's virtual absence from the market.

Venezuela, the world's fifth largest oil exporter, produces nearly 3 million barrels, and exports 2.4 million barrels a day before the strike took place, while the United States imported 1.45 million barrels a day from Venezuela, 15 percent of all US imports.

The Energy Department reported that US crude oil stocks fell by9.1 million barrels to 278.3 million barrels last week, as import stumbled by 1.514 million barrels a day to 7.631 million barrels a day due to the loss of Venezuelan oil.

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