13 May 2003, 17:06  Oil prices jump after Saudi attack

Oil prices rose sharply today after a suicide attack in Saudi Arabia killed 10 Americans and left hundreds of other foreigners injured. The suicide bombers drove cars packed with explosives into four compounds used by Westerners in the Saudi capital Riyadh. At 1200, brent crude in London was up 34c to USD34.97 per barrel, while on NYMEX, oil was trading up 31c to USD27.66. Oil prices had eased overnight after the International Energy Agency cut forecast demand growth for 2003, reflecting the impact of SARS on air travel.
Gold prices rose briefly following the attack before easing again, although they remain above USD350 per ounce, close to post war highs. The attacks have been condemned as "cowardly" by US Secretary of State Colin Powell, who said the operation bore all the hallmarks of Osama Bin Laden's al Qaeda network. "I think it's just part of al Qaeda and other terrorist organizations' willingness to kill innocent people in order to push forward a criminal agenda," Powell said. The attacks have raised fears that terrorist connected with al Qaeda may also target locations in the west. //www.fxcentre.com

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