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Oil Prices Rise Above $72 a Barrel

July 02, 2007

NEW YORK --- Oil prices climbed above $72 a barrel today amid expectations of a tightening market, according to reports from Reuters."U.S. crude oil stocks will draw in the next two months as there is little room to build further and as refineries increase their intake," Petromatrix analyst Olivier Jakob told Reuters.In London, Brent crude was up $1.17 at $72.58 a barrel. U.S. crude rose 18 cents to reach $70.86. On Friday, U.S. crude reached the highest price since August.The thwarted London bombings have had little effect on prices. Analysts said the market is used to more direct threats to supply, such as violence in Nigeria.
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