|
Oil up again on Iraq
|
 |
November 13, 1998: 6:32 a.m. ET
Gold and oil both rise in London as threat of military action accelerates
|
LONDON (CNNfn) - Oil prices continued to climb in London Friday, adding 18 cents a barrel as the threat of military action in the Gulf moved closer to reality.
Armed conflict would affect supplies in the key oil producing region and while analysts say global oil stocks are high, the price of Brent Crude has been climbing all week.
December Brent crude was up 18 cents or 1.5 percent at $12.59, following a 30 cent gain Thursday. The resistance level is seen at $12.72 then at $13.
U.N. staff in Baghdad were moved out of their hotels into the more secure U.N headquarters ahead of possible U.S. air strikes.
With the crisis deepening, safe haven-investment gold was also heading up. It was fixed at $297.25 in morning trade in London, up one percent to $297.20. 
|
|
|
|
|
 |
|
