In London, Brent North Sea crude for February delivery added a marginal three cents to $94.81. Yesterday, oil pushed back up towards the all-time highs on the back of a bullish weekly US fuel report and as further geopolitical risk premium was added to the price following the assassination of Pakistani opposition leader Benazir Bhutto, said Sucden analyst Nimit Khamar in London.
Todays trade was fairly flat, with support stemming from geopolitical and stock news, he added. Trade remained thin with many commodity investors away for year-end holiday celebrations. Dealers said Bhuttos killing on Thursday, which plunged the nation into crisis and sparked global condemnation and concern, would have a psychological impact on the market even though the country is not an oil producer.
There would be very serious impact as ramifications of the violence in Pakistana key US ally in the war on terrorplay out, said Steve Rowles, an analyst with CFC Seymour securities in Hong Kong.