::World Oil Tap Highest Score This Week>>

Go Finance Reporting in NEW YORK-Oil prices soared to the highest place this week, some economists say the world will continue to rise in Japan caused by disasters and conflict in the Middle East.

Benchmark crude oil from West Texas Intermediate (WTI) for May delivery closed at around USD105, 40 per barrel, down 20 cents from the previous and still rise four percent this week, after on Wednesday reached USD105, 75 per barrel, and the highest since September 2008.

This forced the price of gasoline fuel vehicles follow these price increases, with average increases of $ 3, 561 per gallon, this represents the highest increase for this year. While in Alaska and Hawaii prices already above $ 4 per gallon.

United States Energy Information Administration explains the price of fuel will continue despite higher U.S. oil inventories are sufficient to meet demand during the 54 days, as quoted by the AP, Saturday (03/26/2011).

Besides the many suspected the use of crude oil would shrink the global supply current, recorded in 2011 the world will use 88 million barrels per day, up 1.3 million barrels per day from 2010 that is 86.7 million barrels per day. Barclays Capital noted that China's oil demand to grow 15 percent this year.

Analyst and trader Stephen Schork estimates that these concerns have pushed oil higher by USD 20 per barrel in recent weeks. In line with analyst Stephen Sudakshina Unnikrishnan had predicted the benchmark oil price of around USD91-106 per barrel

Sudakshina also explains the major oil producers, Saudi Arabia took steps to cover the increase in oil production capacity lost due to conflict of Libya.

"To meet global demand, Saudi Arabia cut production back up. The production capacity is estimated around five million barrels per day earlier this year," Unnikrishnan said as quoted by AP.
(GoFinance)