Oil prices soared above $95 a barrel this evening owing to a continuing dispute between Venezuela and US energy giant ExxonMobil and after an unexpectedly weak rise in US crude stockpiles reported on Wednesday.
US crude jumped $1.81 to $95.08 while Brent North Sea crude advanced $1.78 to $95.10. dollars.
On Wednesday, a New York federal judge had affirmed a freeze on $300m of assets owned by Venezuela's state oil company following a legal challenge by ExxonMobil, which is the world's biggest oil group.
Venezuela is fighting to overturn the US asset freeze, and other legal actions pursued by ExxonMobil in Britain, the Netherlands and the Netherlands Antilles.
The escalating legal battle relates to ExxonMobil's bid to secure compensation after Venezuela's government nationalised key oil fields, including two ExxonMobil operations.
