Go Finance Reporting in NEW YORK - The increasing political tensions in some parts of Africa and the Middle East makes oil prices in London once again touched its highest level to reach the level of USD122 per barrel.
Brent crude oil prices soared to a position of USD122 per barrel. This price is the highest price along the 2 to 2.5 years. Oil prices traded in London has increased by $ 14 since 3 March. Meanwhile, Brent crude oil in the futures market for May park in a position USD122, 22 per barrel, up $ 1, 16.
Apart from the conflict that occurred in Libya and a number of other Central Asian countries, expectations of interest rate hikes in China also helped to trigger increase in this index.
Broker at BNP Paribas Commodity Futures Inc. Tom Bentz told Reuters on Wednesday (04/06/2011) says that fears the political situation in the Middle East and Africa became the main drivers of this increase in oil.
On the other hand, the American Petroleum Institute (API) in its report on Tuesday (04/05/2011) night said U.S. crude stocks fell 2.8 million barrels in the week. Gasoline stocks rose 568,000 barrels and the total oil stocks fell by one million barrels of derivatives.
However, towards the API report, crude stocks are expected to increase in the position of 1.7 million barrels during last week. Inventories of gasoline is estimated to be lower by 1.9 million barrels and 200,000 barrels decline processed look small.
According to Reuters data, the volume of U.S. trade below the average for 30-250 days. While the exact volume of Brent at point average, higher than the U.S. trade.
While the broker Andrew Lebow at MF Global analysis of the situation in Africa has deteriorated after the postponement of elections in Nigeria. He said the delay in the 40s Brent oil cargo shipments as well as the political situation in Yemen and Saudi Arabia are the factors that add to this difficult position. (GoFinance)
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