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Oil prices drop as Mubarak steps down
Source: Agencies |
February 12, 2011, Saturday
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OIL prices dropped yesterday after Egypt's President Hosni Mubarak handed over power to the military and left Cairo.
Benchmark West Texas Intermediate crude for March delivery fell US$1.15 to settle at US$85.58 a barrel on the New York Mercantile Exchange. That's lower than the price on January 25, when the demonstrations in Egypt began.
Traders and investors have been concerned that the anti-government protests over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government.
"The market is getting whipsawed," oil analyst Stephen Schork said. "Everyone is playing the card that stability in Egypt is good for oil" shipments.
In London, Brent crude fell 50 cents to settle at US$100.94 a barrel on the ICE Futures Exchange.
Closer to home, U.S gasoline prices have jumped to the highest levels ever for this time of year. The national average hit US$3.127 per gallon yesterday, about 50 cents higher than a year ago.
The rise in gas pump prices has so far outpaced the increases seen in 2008. Gas prices began to soar in late February of that year, eventually hitting an all-time high of US$4.11 per gallon in July.
While the dramatic price rise at the pump brings back memories of three years ago, when price spikes forced many US drivers to join car pools and trade in gas-guzzling SUVs for more fuel-efficient cars, "it would be a mistake to think we're going to have that all over again," said OPIS chief oil analyst Tom Kloza.
In other Nymex trading for March contracts, heating oil fell 1.49 cents to settle at US$2.6958 per gallon and gasoline lost less than a penny to settle at US$2.4652 per gallon. Natural gas lost 7.6 cents to settle at US$3.910 per 1,000 cubic feet.
Benchmark West Texas Intermediate crude for March delivery fell US$1.15 to settle at US$85.58 a barrel on the New York Mercantile Exchange. That's lower than the price on January 25, when the demonstrations in Egypt began.
Traders and investors have been concerned that the anti-government protests over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government.
"The market is getting whipsawed," oil analyst Stephen Schork said. "Everyone is playing the card that stability in Egypt is good for oil" shipments.
In London, Brent crude fell 50 cents to settle at US$100.94 a barrel on the ICE Futures Exchange.
Closer to home, U.S gasoline prices have jumped to the highest levels ever for this time of year. The national average hit US$3.127 per gallon yesterday, about 50 cents higher than a year ago.
The rise in gas pump prices has so far outpaced the increases seen in 2008. Gas prices began to soar in late February of that year, eventually hitting an all-time high of US$4.11 per gallon in July.
While the dramatic price rise at the pump brings back memories of three years ago, when price spikes forced many US drivers to join car pools and trade in gas-guzzling SUVs for more fuel-efficient cars, "it would be a mistake to think we're going to have that all over again," said OPIS chief oil analyst Tom Kloza.
In other Nymex trading for March contracts, heating oil fell 1.49 cents to settle at US$2.6958 per gallon and gasoline lost less than a penny to settle at US$2.4652 per gallon. Natural gas lost 7.6 cents to settle at US$3.910 per 1,000 cubic feet.
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