Oil price increases again in world markets

25.04.2011 [18:58]
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Baku, April 25 (AZERTAC). Crude oil gained for a fourth day in New York, the longest rising streak since December, as escalating violence in the Middle East and Africa threatened to prolong supply disruptions.

“The main support is coming from geopolitical developments in the Middle East and North Africa,” analysts at Vienna-based JBC Energy said in a report today. “The market remains fraught with uncertainty,” including worries about inflation and its possible impact on oil demand.

Oil for June delivery rose as much as 78 cents to $113.07 a barrel on the New York Mercantile Exchange. That`s the highest intraday price since April 11, when futures reached $113.46, the most since September 2008. The contract was at $112.77 at 12:13 p.m. in London.

Brent crude oil for June settlement increased 32 cents, or 0.3 percent, to $124.31 a barrel on the London-based ICE Futures Europe exchange. Most European countries have a public holiday today for Easter Monday.

A barrel of Azeri Light crude oil sold for $127.41.

Oil price increases again in world markets

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