Crude oil futures rose Monday as traders worried that supply would be tight again later this year, reports Xinhua.
On the New York Mercantile Exchange, light, sweet crude oil futures for July delivery rose 51 cents to end at $49.16 a barrel. Meanwhile, on London's International Petroleum Exchange, the July Brent crude oil futures climbed 34 cents to $48.37 a barrel.
The Nymex June oil futures contract expired at the end of last week at $46.80 a barrel, a three-month low.
Oil futures for later delivery were higher than contracts close to expiration as traders bet that excess inventories would be used up in the second half of the year when demand typically rises.
During the Memorial Day holiday from Saturday through Monday, about 37.2 million Americans would take trips, and roughly 31.1 million vacationers, or 84 percent of the total, would travel by motor vehicles.
Data shows that New York crude oil futures usually rise in the four weeks prior to Memorial Day.
US daily calls for sustaining pressure on Musharraf
Publish Date : 3/2/2007 7:07:00 AM
With the Bush administration reportedly sending a tough message to Pakistan that US aid would be cut if it did not rein in Al Qaeda militants, a leading American daily has called for sustaining the pressure on President Pervez Musharraf .....
'Most US intelligence on Iran inaccurate'
Publish Date : 2/26/2007 9:01:00 AM
Most US intelligence on Iran shared with the United Nations nuclear watchdog agency has proved inaccurate and none has led to significant discoveries inside the country, diplomats at the IAEA have said.
UN praises India's all-female police unit deployed in Liberia
Publish Date : 2/26/2007 8:58:00 AM
The all-female police unit from India serving in Liberia has come in for high praise for its work in the peacekeeping mission from the United Nations envoy in the country.
Pentagon continuing with its "intensive planning" on Iran:rept
Publish Date : 2/26/2007 8:37:00 AM
The Pentagon is continuing its "intensive planning" for a possible bombing attack on Iran, a process that began last year at the instance of President George W Bush as Washington is focussing on Shiite Tehran in a shift .....
Nuclear terrorism a matter of time: James Goodby
Publish Date : 2/5/2007 8:40:00 AM
Accusing the Bush administration of not giving nuclear terrorism the highest priority in national goals, a former US diplomat has warned that it was only a matter of time before a terrorist organization detonated an atom bomb in an American city.
Penelope Cruz to star in new Woody Allen film
Publish Date : 2/3/2007 10:28:00 AM
Oscar-nominated Spanish actress Penelope Cruz is to star in the new Woody Allen film, to be shot this summer in Barcelona, newspaper El Pais reported on Friday.
Bush administration seeks $245B for wars
Publish Date : 2/3/2007 10:19:00 AM
The Bush administration will ask for another $100 billion for military and diplomatic operations in Iraq and Afghanistan this year and seek $145 billion for 2008, a senior administration official said Friday.
Thousands rally against Bush's Iraq war
Publish Date : 1/29/2007 8:41:00 AM
Thousands of protestors, including Hollywood stars and civil rights leaders, came out on to the streets here opposing the war in Iraq ahead of a crucial debate and vote in the US Senate on the issue.
Arms Pact violation by Israel to figure in Congress
Publish Date : 1/29/2007 8:35:00 AM
Israel's alleged violation of an arms pact with America by unleashing US-made cluster bombs into civilian-inhabited areas of south Lebanon will come up for a debate in the Congress tomorrow, with even the prospect of sanctions against Jerusalem.
No Pakistan, it's Iraq, Iran, Afghanistan in Bush's speech
Publish Date : 1/25/2007 8:19:00 AM
The State of the Union address by US President George W Bush was dominated by war on Iraq and US' present policy to justify it, in spite of the growing realisation that US marines positioned there have been entangled in a dangerous quagmire.
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