Oil prices advance

February 11, 2009 - 0:0

LONDON (AFP) — World oil prices rose on Tuesday as traders awaited a key vote on a massive U.S. economic stimulus plan that could boost demand in the world’s biggest energy consumer, analysts said.

Brent North Sea crude for March delivery climbed 29 cents to 46.31 dollars a barrel.
New York’s main futures contract, light sweet crude for delivery in March, added 24 cents to 39.80 dollars per barrel.
“Confirmation of the U.S. stimulus package might create a short-term bounce,” said ANZ Bank analyst Mark Pervan.
The U.S. Senate was expected to vote Tuesday on a revamped economic stimulus bill of more than 800 billion dollars (620 billion euros).
The market slid on Monday, ending underneath 40 dollars in New York, on jitters over the fate of President Barack Obama’s stimulus package which could help pull the United States out of recession, dealers said.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said Monday that its members had shelved 35 drilling projects indefinitely until prices recovered.
Prices have plunged by more than 100 dollars since striking record highs above 147 dollars per barrel in July, as the global economic slowdown has curbed world energy demand.
OPEC nations pump about 40 percent of the roughly 86 million barrels of oil consumed globally every day, but cartel members have seen their revenues tumble.
The cartel announced production cuts totaling 4.2 million barrels per day late last year and recently signaled it would consider further reductions in a bid to bolster prices.