Oil Rises above $93


Oil rose above $93 a barrel on Wednesday as concerns over Venezuela's move to halt shipments to U.S. major Exxon Mobil offset expectations for a build in crude stocks in the world's largest consumer.

U.S. crude CLc1 climbed 44 cents at $93.22 a barrel by 5:35 a.m. EST, while London Brent crude LCOc1 rose 61 cents to $93.47.

President Hugo Chavez's decision to cut oil exports to Exxon Mobil on Tuesday came after the largest company in the United States won a court decision freezing $12 billion of Venezuela's overseas assets in a fight for compensation after Chavez seized a heavy oil project last year.

Top global oil producers have assured the United States they can make up for a major supply disruption should Venezuela cut exports, a U.S. government official told Reuters on Tuesday.


TradingEconomics.com, Reuters
2/13/2008 6:03:03 AM