London, Nov 5: Oil prices made further upward headway on Thursday, consolidating a run of recent gains. International benchmark Brent in London or December delivery closed up another 31 cents at $22.88 a barrel, taking gains over the last week to nearly a dollar and a half. Prices are fighting back after an October slump from three- year highs at $24.30 as speculative funds took profits from an eight- month bull run.Deep supply curbs from leading producers have driven a rally from historic lows below $10 early this year and helped turn around financial results from the giant global oil companies.
Royal Dutch/Shell, earlier reported that third-quarter earnings had more than doubled from last year, reflecting the rally in oil prices as well as its own corporate overhaul. Shell's third-quarter exploration and production earnings were over four times higher, when compared with that of last fiscal.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.