Saturday, March 05, 2011

New York crude oil price shoots back over $100 A barrel

Saturday, March 05, 2011

Singapore (AFP)-New York's benchmark crude oil futures contract back over $100 a barrel in Asian trading as unrest in the Middle East and North Africa shot still the markets rattle.

The contract for April delivery, known as West Texas intermediate (WTI), rose 63 cents to $100.26. The Treaty reached all-time high of more than $147 per barrel in 2008.

Brent North Sea crude oil for delivery in April was up 70 cents to $116.12.

"Clearly everyone is concerned" about the turbulence in the Arab world, said John Vautrain, Vice President of Purvin and Gertz international energy consultant in Singapore.

He said investors were concerned about unrest sweep oil producing countries and deliveries to disrupt.

Oil prices have been soaring, after which followed by longtime strongman Hosni Mubarak crashed popular uprisings of the Guide Tunisia in January, from Egypt in February.

Libyan leader of Gaddafi Moamer's now for his political life as a rebellion against his rule spread fighting, during protests elsewhere in the region are oil-rich rocking, including Yemen and Oman.

Western powers on Tuesday whether military action was a viable option against Gaddafi's as a leader of uprising increasingly fearful of counter strikes grew weighed by the Libyan strongman loyalists.

While it was in some quarters for support at least the imposition of a no. fly zone could, SR. warned that US officials military action Gaddafi's's departure speed up complicated be and have potentially adverse consequences.

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