BANGKOK (AP) -- Oil prices rose Wednesday as analysts predicted a strain on supplies and Middle East tensions would support crude oil prices.
Benchmark crude for October delivery rose 3 cents at late afternoon Bangkok time to $96.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract finished price of oil 71 cents higher at $96.68 in New York on Tuesday.
Posts by aslam1989
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Crude Oil Price is falling now. I watched today to see if it would happen. The Price of Oil was at $97 this morning and is at $94 now. The speculators have sold and are getting the Oil Price down to buy back in because they know Isaac is in the gulf and this will be the excuse to get the price up to sell again.
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Even as U.S. crude oil prices are expected to touch $100 this week as the strengthening Tropical Storm Isaac threatens to disrupt offshore oil production in the Gulf of Mexico, experts say the upside will likely be short-lived, recommending investors sell into the rally.
Nymex light sweet crude (New York Mercantile Exchange: clcv1)oil price climbed over $1 to $97.39 on Monday, after the U.S. National Hurricane Center warned that Isaac was expected to strengthen to a Category 2 hurricane and hit the Gulf Coast midweek.
The price of oil to The Gulf of Mexico accounts for around 20 percent of America's oil output, or 1.4 million barrels of crude daily, according to the U.S. Energy Information Administration. -
The price of oil per barrel of crude depends first on its grade, determined by its specific gravity or API and its sulphur content (other factors may interven), and by its location. Other benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".
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Oil Price per barrel used to float in an average discrepancy of between +/-3 USD/bbl compared to WTI and OPEC Basket. But this changed after September of 2010 when the crude oil price gap grew significantly compared to WTI, reaching over $11 a barrel by end February 2011 (WTI: 104 USD/bbl, LCO: 116 USD/bbl). Some blame the depletion of oil fields under the North Sea. But the cause of this oil price evolution may be linked as well to currency fluctuations, varying demands on the regional market, possibly politics? Historically, similar price of oil spreads are an effect of short term physical variations in supply and demand.
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Crude Oil pricesis the best place to look for World crude oil prices. We have updated information about the latest changes and shifts in the crude oil situation. Charts and graphs and statitistical data is provided to make it easy to find the information you're looking for.
Currently the world crude oil price is at all time high. Never has a barrell cost so much and never has the prices increased faster than right now.This is due to the situation in various countries, affecting the demand and supply of crude oil.