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Philippine skin cancer cure on way to Australia, Canada Wal-Mart's Sam's Club limits rice purchases (UPDATE2) San Miguel's beer IPO cut to $147M Gov’t deficit position improves by 14.5% SM joins $1B casino project Business Wal-Mart's Sam's Club limits rice purchases High court orders prosecution of Imelda Marcos kin What rice crisis? Central bank keeps overnight rates unchanged Before you say goodbye to bachelorhood Is there a rice shortage? ‘Drink for 2’ targets Masbate children Gov’t sees balanced budget in 2008 Santiago: Gov’t should buy back Petron Asia currencies down as US rate view props up dollar NFA deficit may reach record P43B Clark-Subic garments hub? Business Most Read RSS Hottest Tags Oil & Gas - Downstream activities Energy & Resources Markets & Exchanges WHAT'S THIS?                 More >> Oil rises above $93; Venezuela cuts off Exxon Reuters First Posted 03:09:00 02/14/2008 NEW YORK -- Oil prices rose above $93 a barrel on Wednesday after Venezuela said it would stop selling crude to Exxon Mobil Corp. because of an intensifying legal dispute over a nationalized oil project. Oil also received a boost from a US government report showing a smaller-than-expected increase in crude stockpiles last week due to a slowdown in imports and an increase in domestic demand from refiners, traders said. US crude futures rose 75 cents to $93.53 a barrel as of 1730 GMT, while London Brent crude rose 71 cents to $93.57 a barrel. "The ongoing legal fight between Venezuela and Exxon Mobil has brought the market's attention back to the fragility of the supply side of the oil market," said Kevin Norrish, energy analyst at Barclays Capital. President Hugo Chavez cut oil sales to Exxon Mobil late on Tuesday after the company won a court decision freezing $12 billion of Venezuela's overseas assets in a fight for compensation for a nationalized oil project. Top global oil producers have assured the United States they can make up for any major supply disruption should Venezuela cut exports, a US government official told Reuters on Tuesday. Several energy experts have said the move by Venezuela, while alarming, is unlikely to pose a serious threat to US supply or to Exxon Mobil's operations. "This has very little impact on actual production. Crude stocks are high. Exxon can get their crude from almost anyone. What is Venezuela going to do?" said Kyle Cooper, Energy Futures Research, IAF Advisors in Houston, Texas. Crude inventories in the world's top consumer rose 1.1 million barrels last week, the US Energy Information Administration said, less than the 2.7 million barrels expected by analysts. It was the fifth consecutive weekly increase. "There are no major surprises, but the crude supply figure looks supportive to me," said Jim Ritterbusch, president of Ritterbusch and Associates. After surging to a record $100.09 on Jan. 3, oil has traded in a narrow range near $90 a barrel as fears of a US recession weighed on prices. The International Energy Agency cut its world oil demand growth forecast this year due to the economic slowdown in the world's top energy consumer. The IEA, adviser to 27 industrial countries, forecast in its monthly Oil Market report that global oil demand growth would average 1.67 million barrels per day, down by 310,000 bpd from its previous estimate. Copyright 2008 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. SHARE THIS ARTICLE: Digg this story Blink List Blink Bits add to my del.icio.us Reddit Yahoo MyWeb RELATED STORIES: Oil firms still unsure where to go from Pandacan depotAyala Land to issue 1B shares to acquire propertiesOil steady on Venezuela cuts but US stocks healthy OTHER STORIES: Asia spreads narrow; Truba Alam eyeing bond sale(UPDATE2) San Miguel's beer IPO cut to $147M(UPDATE) Shares close lower on weak economic outlook(UPDATE 2) Imports rise 21.7% in February on high oil pricesSM Prime Holdings to spend P33B over next 5 yearsEuro firms in Asian currency tradeDollar steadies, keeps gains made on labor dataGold rises on bargain hunting, dollar curbs gainsShares lower in late trade on worry about US growthOil prices fall furtherShares lower in early deals on profit-takingFacial technology screening to be used at British airportsShares seen higher on Wall Street's advanceMicrosoft profits slip to $4.4B but beat estimatesPower firms urged to explain rate hike in AprilPhilippine skin cancer cure on way to Australia, CanadaWall St rallies as market banks on economic recoveryOil slips on dollar recovery, rising US crude inventoriesNFA deficit may reach record P43B ^ Back to top © Copyright 2001-2008 INQUIRER.net, An INQUIRER Company The INQUIRER Network: HOME | NEWS | SPORTS | SHOWBIZ & STYLE | TECHNOLOGY | BUSINESS | OPINION | GLOBAL NATION | Site Map Services: Advertise | Buy Content | Wireless | Newsletter | Low Graphics | Search / Archive | Article Index | Contact us The INQUIRER Company: About the Inquirer | User Agreement | Link Policy | Privacy Policy Advertisement разделы международный конкурс рефконтейнеры прерывание беременность подбор холодильный камера тестоокруглитель ленточный универсам красный площадь оркестр креольский танго центр проктология иномарка анимация 3d график прамышленый альпинизм корпоративный иностранный лад лечение зарубежом куллер факсимиле нард online поставка тройник ваттметр 5004.10 (крышка) кс-4361а доставка напиток помидор купля снегоход буран жила кострома кулер процессорный установка hotbird гуп ритуал motorola v3i купить бахила оптом k610 купить гильза цилиндр выставочный витрина рак щитовидный железа mobil gargoyle хоссе карерас билет серверные корпус консольный переключатель детский мир wow тонировка стекол детский лагерь пионер софт автошкола изолента российский флаг электросчетчик гамма электрокамин dimplex model plasma (sp9) выборочный уф-лак вечерний платье снегоход буран избавиться спам вакуумный упаковочный тонирование стеклопакетов учет данный автошкола кострома риелтор озонатор воздуха man гильза антиобледенительные система автоподъемник магнитный доска автономный электроснабжение мурано роль ставень фирменный цвет комплексный сайт бак накопитель зеркало вагинальный светлогорск цвет ламината класс 32 mobil cut