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Nymex Crude Oil Rises on Supply Worries

A benchmark crude oil contract edged up Tuesday after climbing more than $1 a barrel a day earlier amid indications that OPEC is unlikely to boost production and a report outlining a possible oil crunch in the coming months, according to the Associated Press.

The International Energy Agency raised the prospect of a global oil crunch this year on a recipe of higher-than-expected demand and below-par supply from the Organization of Petroleum Exporting Countries and other producers.

Light, sweet crude for July delivery on the New York Mercantile Exchange rose 6 cents to $66.03 a barrel in electronic trading by midday in Europe. The contract had gained $1.21 Monday to settle at $65.97 a barrel.

Posted by   at 10:05 AM to Oil | Permalink

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