Go Finance Reporting in Singapore - a warming political climate in Iran provide a signal rising prices of crude oil. This raises concern investors will be disruption of crude supplies in the Middle East.
As quoted by the Associated Press (AP), Tuesday (02/15/2011), price of crude oil for March delivery there is an increase 35 cents to USD85, 16 per barrel electronically traded New York Mercantile Exchange (Nymex) at noon Singapore time. Earlier on Monday declined to 77 cents to as low as USD84, 81 per barrel.
Meanwhile, in London, Brent crude oil for April delivery rose 37 cents to go back through the level of USD103, 45 per barrel on the ICE Futures exchange.
As we know, Iran is the second largest oil exporter in the Organization of Petroleum Exporting Countries (OPEC) behind Saudi Arabia. So the emergence of conflict in Iran fear it would disrupt world oil supplies.
"Investors have been worried about Algeria and Jordan, Yemen and Arab Gulf states. Meanwhile, by looking at the pro-democracy movement in Iran increasingly made us surprised. Any person into a panic because every country in the Middle East suddenly seem to be in a position it, "said energy consultant Cameron Hanover report.
Other Nymex trading in the March contract also rose, to heating oil rose 0.4 cents to $ 2, 75 per gallon, and gasoline rose 0.8 cents to go into $ 2, 53 per gallon. For natural gas futures declined 1.2 cents to $ 3, 91 per 1000 cubic feet. (GoFinance)
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