Oil prices keep rising

Norway's beleaguered economy stands to gain from a steady rise in world oil prices. Spot prices for North Sea crude have topped USD 33 a barrel.

Norway's beleaguered economy stands to gain from a steady rise in world oil prices. Spot prices for North Sea crude have topped USD 33 a barrel.

The jump in oil prices is largely attributed to unrest in Venezuela, an OPEC member. Political turmoil and public strikes have effectively removed 2 million barrels from the market a day.

Unrest in the Middle East and rising fears of a US attack on Iraq also have prompted traders to drive up the price of oil.

North Sea crude due to be delivered in February rose 44 cents since Friday, selling at USD 30.60 on Monday, according to Bloomberg News. Spot prices ranged from USD 32 to USD 33.07.