Go Finance Reporting in Singapore - Crude oil prices in the spot market in Asia began to survive USD86 per barrel level affected by the protests that accompanied the violence in some Middle East countries. This is what is feared by investors that a prolonged protest that would disrupt crude supplies.
As quoted by the Associated Press (AP), Friday (02/18/2011), price of crude oil for March delivery was down 18 cents to the position of USD86, 18 per barrel.
A number of large-scale demostransi action in the Middle East of which occur in Bahrain that killed five demonstrators and wounded more than 200 other people. Bahrain is not a major oil producing countries, but Bahrain is a place of strategic importance for the United States.
In addition to Bahrain, a similar incident also occurred in Iran, Algeria, Jordan, and Libya after triggered by the action happens Tunisia and Egypt. Iran itself is the fourth largest oil producer in the world and Libya are also important suppliers of crude oil in the region.
In London, Brent crude for April delivery rose six cents to USD102, 65 per barrel on the ICE Futures exchange. Some investors are likely to consider Brent oil which was considered more representative of events in Asia and the Middle East, while traditional oil benchmark, West Texas intermediary, today is more influenced by U.S. crude inventories and sluggish demand.
"Brent market remains a more important gauge of the strength of Asian demand and geopolitical risk premium associated with civilians development flourished in the Middle East," said Ritterbusch and Associates report.
In other Nymex trading in the contract of March, heating oil was steady at $ 2, 73 per gallon and gasoline held at $ 2, 53 per gallon. Natural gas futures fell 0.4 cents to $ 3, 86 per 1,000 cubic feet. (GoFinance)
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