Go Finance Reporting in Singapore - Oil prices in Asia are still in the range of USD85 per barrel overshadowed by continuing investor concerns about political turmoil in the Middle East that could disrupt world oil supplies.
As quoted by the Associated Press (AP), Thursday (02/17/2011), price of crude oil for March delivery rose four cents to the position of USD85, 03 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) at noon Singapore time . Meanwhile, in London, Brent crude for April delivery has skyrocketed to 20 cents to the position of USD103, 98 per barrel on the ICE Futures exchange.
Massive demonstrations in Tunisia and Egypt to overthrow the ruler in the country has sparked a number of similar action in Iran, Algeria, Jordan, Bahrain, and Libya. It certainly is making investors wary attitude. The reason, Iran is the fourth largest producer in the world, while Algeria and Libya also an important crude oil supplier countries in the world.
In other Nymex trading in the contract of March, heating oil was steady at $ 2, 77 per gallon and gasoline rose 0.3 cents to $ 2, 55 per gallon. Natural gas futures rose 1.3 cents to $ 3, 93 per 1,000 cubic feet. (GoFinance)