Go Finance Reporting in Singapore - Crude oil prices in Asian spot market suddenly leap into the highest level to the level of USD93 per barrel after Libyan leader Moammar Gadhafi to struggle to maintain power amid loud protests Libyan people who demanded to withdraw.
As quoted by the Associated Press (AP), Tuesday (02/22/2011), price of crude oil for March delivery jumped $ 6, 75 to the position of USD92, 95 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) at noon Singapore time . Meanwhile, in London, Brent crude for April delivery also rose $ 1, 21 to the position of USD106, 95 per barrel on the ICE Futures exchange.
Libyan government action to quell protests and bloody people fairly hard because it has killed approximately 233 people in action.
This makes some investors increasingly worried about the conditions in Libya, as one of OPEC's leading exporter of approximately one million barrels per day, because these conditions can make a number of foreign oil companies operating there to evacuate its staff from the country. Besides Libya, investors also continue to observe developments in Iran, the second largest producer in OPEC countries after Saudi Arabia.
"Unlike Egypt, Libya is a significant producer of crude oil and allow it to bring in serious disturbances since the beginning of the largest and second Gulf War," said energy consultant Schork.
Some analysts are also concerned about this spike in oil prices could hinder recovery underway a number of developed countries. The reason is, since the crisis in the Middle East who spread ranging from Tunisia to Libya have increased the price of crude oil up to $ 10.
In other Nymex trading in the contract of March, heating oil rose 11.2 cents to $ 2, 82 per gallon and gasoline rose 10 cents to $ 2, 65 per gallon. Natural gas futures rose 9.2 cents to $ 3, 97 per 1,000 cubic feet. (GoFinance)
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