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Crude oil prices fuel up on reports of escalating tensions

05
Jan '09
After setting a new low of US $33.87 per barrel on December 19, benchmark oil prices have again risen to $47.20 per barrel on two major concerns; a possible oil boycott over the invasion of Gaza by Israel and the deepening Russian gas supply crisis with its neighbours and who also are the erstwhile breakaway countries of the former USSR.

There are also reports of OPEC countries going in for production cuts along with the decision of the US Energy Department to rebuild its strategic reserves, which all put together, have helped in providing a boost to oil prices which had touched rock bottom during the closing days of 2008 and in the process reaching four year lows.

The biggest fear in the markets is the involvement of the other major oil producing countries in the Middle East crisis which could lead to a cut in supplies. China the second biggest consumer in the world after the US is also looking at rebuilding its reserves to take advantage of low crude oil prices prevailing in international markets.

Fibre2fashion News Desk - India


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