Related News
Oil soars to highest
Source: Agencies |
February 23, 2011, Wednesday
|
Print Edition
Print Edition
OIL prices soared to the highest level in more than two years as violence spiraled out of control in Libya and Moammar Gadhafi's grip weakened, threatening the country's sizable oil exports and raising concerns that violence would spread to other major oil producers in the Middle East.
The benchmark West Texas Intermediate jumped US$6.73, nearly 7 percent, to US$92 per barrel on the last trading day for the March contract on the New York Mercantile Exchange. Most of the trading already has switched to the April contract, which climbed US$5.90, or 5.9 percent to US$95.59 per barrel, the highest since October 2, 2008.
Libya holds the most oil reserves in Africa and is the 12th-largest oil exporter at 1.53 million barrels per day, according to the Energy Information Administration.
Analysts said the world's economy could function without Libya's exports, which provide about 2 percent of global oil consumption.
The main concern stalking markets is that revolts in the Middle East and North Africa will spread to OPEC heavyweights, particularly Iran, the group's second-largest producer.
Brent crude, which is delivered around the world and is considered a better reflection of global demand than WTI, added US$1.26 to US$107 per barrel on the ICE Futures Exchange.
Brent is considered to be more sensitive to possible disruptions of Middle East oil supplies, while large United States stockpiles of crude are one of the reasons for the lower WTI prices.
The benchmark West Texas Intermediate jumped US$6.73, nearly 7 percent, to US$92 per barrel on the last trading day for the March contract on the New York Mercantile Exchange. Most of the trading already has switched to the April contract, which climbed US$5.90, or 5.9 percent to US$95.59 per barrel, the highest since October 2, 2008.
Libya holds the most oil reserves in Africa and is the 12th-largest oil exporter at 1.53 million barrels per day, according to the Energy Information Administration.
Analysts said the world's economy could function without Libya's exports, which provide about 2 percent of global oil consumption.
The main concern stalking markets is that revolts in the Middle East and North Africa will spread to OPEC heavyweights, particularly Iran, the group's second-largest producer.
Brent crude, which is delivered around the world and is considered a better reflection of global demand than WTI, added US$1.26 to US$107 per barrel on the ICE Futures Exchange.
Brent is considered to be more sensitive to possible disruptions of Middle East oil supplies, while large United States stockpiles of crude are one of the reasons for the lower WTI prices.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
