Oil prices at US$100
Source: Agencies |
March 3, 2011, Thursday
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Print Edition
Print Edition
Oil prices again topped US$100 per barrel yesterday, as fighting escalated in Libya and petroleum demand grew in the United States.
Libya, a major oil exporter to Europe, has been embroiled in a civil war that has shut down oil production in many parts of the country.
Libya produces 1.6 million barrels of oil per day, less than 2 percent of global demand. It exports roughly 1.2 million barrels each day, according to the US government.
Benchmark West Texas Intermediate for April delivery added 92 cents to US$100.55 per barrel. In London, Brent crude added 97 cents to US$115.97 per barrel on the ICE Futures Exchange.
Meanwhile, the American Petroleum Institute estimated that oil and gasoline supplies dropped last week in the US. The API said crude oil inventories fell 1.1 million barrels last week while analysts surveyed by Platts had forecast an increase of 1.6 million barrels. Inventories of gasoline fell 4.9 million barrels and distillates fell 1.4 million barrels, the API said.
Libya, a major oil exporter to Europe, has been embroiled in a civil war that has shut down oil production in many parts of the country.
Libya produces 1.6 million barrels of oil per day, less than 2 percent of global demand. It exports roughly 1.2 million barrels each day, according to the US government.
Benchmark West Texas Intermediate for April delivery added 92 cents to US$100.55 per barrel. In London, Brent crude added 97 cents to US$115.97 per barrel on the ICE Futures Exchange.
Meanwhile, the American Petroleum Institute estimated that oil and gasoline supplies dropped last week in the US. The API said crude oil inventories fell 1.1 million barrels last week while analysts surveyed by Platts had forecast an increase of 1.6 million barrels. Inventories of gasoline fell 4.9 million barrels and distillates fell 1.4 million barrels, the API said.
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