Oil prices have increased further this morning following rises on Friday, it has been reported.
This morning, New York’s main oil futures contract, light sweet crude for delivery in March was up to 35 cents to $92.12 per barrel.
Meanwhile, on Friday the contract hit $91.77 to close $3.66 higher from the start of the day’s trading.
A similar rise was noted on the London Stock Exchange (LSE) on Friday when Brent North Sea Crude for March delivery was also up to $92.29, having closed at $91.94 on Friday.
David Moore, commodities strategies at the Commonwealth Bank of Australia, told Cnnmoney.com:
"Prices are being driven up due to the news of crude oil disruptions. The market is less concerned about the US economy right now."
Today’s spike in prices has been fuelled in part by Venezuelan President Hugo Chavez’ s threat to suspend oil sales to the US.
Mr Chavez proposed the move in retaliation to attempts by Exxon Mobil to seize some of the Venezuelan oil company Petroleos de Venezuela SA’s assets.
