Crude costs hit their greatest ranges in almost 36 months since NATO increased its air attacks above Libya and since a few of the globe oil producers stated there is little they could possibly do to rein in prices.
Benchmark West Texas Intermediate went up forty-nine cents to close at $108.83 per barrel on the New York Mercantile Exchange after increasing as high as $109.15 earlier in the day, the highest ever since September ’08. In London, Brent crude rose 4 cents to stay at $121.93 per barrel on the ICE Futures exchange.
Fadel Gheit, senior power expert for Oppenheimer and Co., blamed high oil costs on “continuing tension in the Middle East, together with brand new threats associated with possible supply disruption. Election scams in Nigeria will be mixing fresh fear of riots as well as potential attacks on gas facilities that could result in supply interruption, as well as the come back of commodity rumours by financial players is definitely raising worries of inflation.”