{"id":282001,"date":"2011-02-25T12:35:01","date_gmt":"2011-02-25T12:35:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/25\/oil-steadies-near-98\/"},"modified":"2011-02-25T12:35:01","modified_gmt":"2011-02-25T12:35:01","slug":"oil-steadies-near-98","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/25\/oil-steadies-near-98\/","title":{"rendered":"Oil steadies near $98"},"content":{"rendered":"<p><div readability=\"78.8913987837\">    <!-- KEEP --><a href=\"http:\/\/money.cnn.com\/data\/commodities\/index.html\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/9046b58brgy_oil.top_.png\" alt=\"Oil prices\" width=\"475\" height=\"280\" border=\"0\" class=\"cnnstoryImageFull\" \/><\/a><span><b>Click chart for more oil and commodity prices<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>By Ben Rooney, staff reporter<\/span><span>February 25, 2011: 8:20 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Oil prices have backed off recent highs and were holding below $98 a barrel early Friday, as investors watched the changing political dynamic across North Africa and the Middle East.<\/p>\n<p>The U.S. benchmark oil contract, West Texas Intermediate, for April delivery was up 42 cents to $97.70 a barrel. Prices hit a <a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/markets\/oil\/index.htm\">high above $103 on Thursday<\/a>, before retreating to settle 82 cents lower at $97.28 a barrel.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>Brent crude, the European standard, added 73 cents to $112.09 a barrel on Friday. <\/p>\n<p>The relatively subdued action in the oil market comes near the end of a volatile week. On Wednesday, <a href=\"http:\/\/money.cnn.com\/2011\/02\/23\/markets\/oil\/index.htm\">prices jumped above $100 a barrel<\/a> for the first time since October 2008, as the political revolt in Libya hit the nation&#8217;s oil exports.<\/p>\n<p>Traders said the market appears to have &#8220;priced in&#8221; the situation in Libya, where opponents of Moammar Gadhafi&#8217;s decades-old rule have taken <a href=\"http:\/\/www.cnn.com\/2011\/WORLD\/africa\/02\/25\/libya.protests\/index.html?hpt=T1\">control of several major cities<\/a> outside of the capital, Tripoli.<\/p>\n<p>&#8220;Crude oil prices are expected to trade in a lower direction in today&#8217;s session,&#8221; said Tom Pawlicki, an analyst at MF Global, in a research report. &#8220;We think that production outages in Libya are approaching the point of being fully discounted.&#8221;<\/p>\n<p>The International Energy Agency said Thursday that the unrest has removed an estimated 500,000 to 750,000 barrels per day of crude oil &#8212; or less than 1% of global daily consumption &#8212; from the world market.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/02\/21\/markets\/libya_oil_unrest\/index.htm\">Libya produced 1.6 million barrels per day<\/a> of crude last year, making it Africa&#8217;s third-largest exporter. The North African country claims the continent&#8217;s largest reserves and has a particularly valuable type of light, sweet crude.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>But exports from Libya make up a fraction of the oil consumed worldwide, and larger exporters, such as Saudi Arabia, <a href=\"http:\/\/money.cnn.com\/2011\/02\/24\/news\/international\/saudi_oil_libya\/index.htm\">have pledged to pump more oil<\/a> to make up for any shortages related to the unrest there.<\/p>\n<p>In addition, oil supplies remain relatively high in many parts of the world, including the United States.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/02\/25\/markets\/oil\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: February 25, 2011: 6:49 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/02\/9046b58brgy_oil.top_-150x150.png\" \/><\/p>\n<p>More:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/RnDLp5yI080\/index.htm\" title=\"Oil steadies near $98\" rel=\"noopener noreferrer\">Oil steadies near $98<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Click chart for more oil and commodity prices By Ben Rooney, staff reporter February 25, 2011: 8:20 AM ET NEW YORK (CNNMoney) &#8212; Oil prices have backed off recent highs and were holding below $98 a barrel early Friday, as investors watched the changing political dynamic across North Africa and the Middle East. The U.S<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-282001","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil steadies near $98 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/25\/oil-steadies-near-98\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Oil steadies near $98 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Click chart for more oil and commodity prices By Ben Rooney, staff reporter February 25, 2011: 8:20 AM ET NEW YORK (CNNMoney) -- Oil prices have backed off recent highs and were holding below $98 a barrel early Friday, as investors watched the changing political dynamic across North Africa and the Middle East. 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