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Friday, July 13, 2007

WTIC: Crude Oil Sneaking Higher

" Crude oil rose in New York and Brent oil in London touched an 11-month high on reduced production in the North Sea because of a pipeline shutdown and maintenance at regional fields.

Chevron Corp. and ConocoPhillips said they lost output from North Sea fields that produce oil and gas after BP Plc closed the pipeline. BG Group Plc said its Armada oil field in the North Sea has been shut for maintenance since June. The International Energy Agency said in a report today that global oil demand will rise 2.5 percent next year. "

Source: Oil Rises as North Sea Output Slips on Closed Pipeline, Repairs (