(1888PressRelease)
February 21, 2008 - Concerns over tight supplies are continuing to push up prices for global oil, which have now risen for the fourth day in a row.
New York's main contract, light sweet crude for delivery in March rose 54 cents to $96.04 per barrel, while Brent Sea crude for delivery in April was up 31 cents to $94.4.
The rise is attributable to the ongoing dispute between Venezuela and US oil giant Exxon and fears of supply disruptions from Nigeria, which have helped prices to bounce back from this year's low of $86.11.
This is currently outweighing concerns over the prospect of a US recession, which could cut demand significantly and hamper a return to near $100 highs.
Bank of Ireland, analyst Paul Harris told the Bloomberg news agency: "[Oil] is caught between the opposing pulls of the Venezuelan/Exxon issue and continuing fears that the US downturn will dent demand."
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