Kamis, 24 Februari 2011

The crisis in Libya, Oil Price U.S. $ 100/Barel

Upheaval in Libya also have a major impact on the price of crude oil. In New York and London, the price of crude oil has now touched the level of U.S. $ 100 per barrel.
According to news agency Associated Press (AP), the transaction Wednesday afternoon or Thursday morning local time GMT, crude oil prices rose more than four per cent to U.S. $ 100 per barrel. On the London Stock Exchange, crude oil prices soared even five per cent to U.S. $ 111.25 per barrel.
Oil prices in London have exceeded U.S. $ 100 per barrel since 31 January. However, on the New York, only this time the price touched $ 100 per barrel in the last two and a half years, or since October 2008.
According to the observers, the main causes of major jump in crude oil prices are anti-regime upheaval Muammar Gaddafi in Libya. The country was believed to have the largest crude oil reserves in Africa, so that the crisis in the country greatly affect market sentiment.
Libya is seen as the first oil-producing countries affected by the virus of revolution in the Middle East region since January. For the observer, Libya produces two percent of total world output of crude oil, thus increasing violence and unrest in the country could disrupt neighboring fellow producers.
"Investors middle monitor what was happening in the Middle East and see the possibility of a domino phenomenon," said Ron Kiddoo, observers of Cozad Asset Management, was quoted CNNMoney news station.
Skyrocketing crude oil prices also affect the price of gasoline. In the U.S., gasoline prices to around U.S. $ 3.20 per gallon. According to AP, this is the highest gasoline prices since early February this year.

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