Crude oil rebounds, traders cautious ahead of weekend

0 Comments | AFP, June, 2004

NEW YORK (AFP) — Global crude oil futures rose sharply as traders turned cautious ahead of a three-day weekend about the possibility of terrorist attacks that could disrupt supplies.

The July contract for light, sweet crude rose 91 cents to 38.45 dollars a barrel on the New York Mercantile Exchange.

The price of benchmark Brent North Sea crude oil for July delivery rose by 45 cents to 35.74 dollars per barrel in closing trade in London.

Gasoline futures rose 1.77 cents to 1.1850 dollars a gallon (3.78 liters) in New York.

Analysts said there was buying interest with US financial markets closed Friday for the funeral of former president Ronald Reagan.

Also weighing on the market was a strike in Nigeria and an International Energy Agency report...