Libyan War feared could affect crude oil prices reaching the highest level, which is US$ 140 per barrel as it was in 2008.
On Monday, March 21, 2011, oil prices exceeded US$ 103 per barrel. Oil prices increase after Libyan leader Moammar Gaddafi vowed would be a “long war” when the allied military attacks on countries that joined in the OPEC.
Coalition of the United States, France, Britain and other countries attacks with Read it all..
Crude oil in the U.S. rose to 3.5% in trading Thursday (17/3) due to increased tensions and riots in Libya and the Middle East.
Total volume of trading in U.S. crude oil fell to below 500,000 lots and the lowest number since 3 January.
Oil prices on the New York Mercantile Exchange, U.S. light, sweet crude raised US$ 3.44 (3.5%) to US$ 101.4 per barrel. In London Brent Crude oil for May delivery raised US$ 4.4 (3.9%) to US$ 115 after the Read it all..
Crude oil prices rebound in Asia on concern that production might be disrupted by the crisis that took place in Libya.
Brent crude oil traded at 116.44 dollars per barrel, approaching the highest price for the last two years. U.S. sweet crude oil price is at 104.88 dollars.
Latest price is increase following the air strike against an oil terminal near the rebel-held town, Ras Lanuf.
Ras Lanuf has undergone major bombing of a pro-Gaddafi troops last few Read it all..
As the 12th largest oil exporter in the world, Libya has the potential to shake up the global economy if the anti-government violent protests disrupt supply.
Since the withdrawal of UN and U.S. sanctions to end the country’s pariah status, foreign investors have been re-invaded in the last five years, including major oil companies like BP and Exxon Mobil.
But BP was so worried about the turmoil at this time until they were planning to pull out its employees. Read it all..
