Oil prices rise near $117 as Georgia conflict halts exports

LONDON  - Crude prices rose on Monday, briefly closing on 117 dollars a barrel after fighting between Georgia and Russia halted oil exports through Georgian ports at the weekend.

Gains were capped later as profit-taking set in, traders said.

New York’s main contract, light sweet crude for September delivery, rose as high as 116.90 dollars a barrel in electronic dealing. It later stood at 115.99 dollars, up 79 cents compared to the close on Friday.

Brent North Sea crude for September delivery was 80 cents higher at 114.13 dollars per barrel after spiking to 115.32 dollars earlier on Monday.

“Crude future were higher on concerns the Russia-Georgia conflict would disrupt Caspian sea supplies,” said Nimit Khamar, oil analyst at the Sucden brokerage in London.