Brent crude oil futures rose sharply on Monday after two North Sea oil platforms were evacuated following a gas leak.
Statoil, the Norwegian oil producer, said it had evacuated most of its workers on the Snorre A platform over a feared gas leak. The field produces about 130,000 barrels a day, adding further pressure on Norway's production, which is already affected by the closure of the 75,000 b/d Vigdid field.
IPE Brent crude futures for January delivery rose $1.18 to close at $45.75 a barrel in London, off its intra-day peak of $45.88. January Nymex WTI gained 32 cents to settle at $49.76 a barrel in New York, its first trading day since last Wednesday following the Thanksgiving holiday.
Ali Naimi, the Saudi Arabian oil minister, said the Organisation of the Petroleum Exporting Countries would not consider switching from dollar-denominated oil sales despite the decline in the value of the US currency.
"We do not see much difference in changing to another currency or going to a basket of currencies. Every strategic team has said there is no reason to change," Ali al-Naimi told a conference at the Royal Institute of International Affairs in London. Opec has cited the decline in the dollar for the high oil prices.
Gold prices were flat as the dollar remained stuck near record lows against the euro. Bullion was quoted at $453.10/$453.85 a troy ounce in late London trade, up from the late quote of $452.25/$452.25 in Europe on Friday. US gold futures climbed to a 16? year high of $453.20 as US markets caught up with the rest of the world following the two day market holiday last Thursday and Friday. /www.news.ft.com/