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Oil prices climb by 60%
Page 8
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IF Uncertainty about the global political situation is forcing oil prices to shoot up. They are now 130°./0 higher than a year ago, and are hitting similar heights to those reached during the Gun Vtar in 1991.
US oil prices closed last Friday at a new peak of $36.80—close to the $37 high reached in 1991—and prices also rose in the UK, where the market is measured by a different grade of oil. The benchmark crude oil contract for April In London stood at $32.50 a barrel, up four cents.
Analysts at Singapore's DBS Bank are on record as saying the threat of war with Iraq and mounting tensions in the Korean Peninsula are sending prices sky-high. "The US/Iraq war see
narlo is turning out to be messier than the markets had hoped for" says the bank in a report.
Oil prices have risen more than 35% since Decanter 2002, fuelled by low fuel stocks In the US. the threat of war in the Middle East and a crippling strike In Venezuela, which has slowed oil sales from the world's fifth-biggest oil exporter
Increases in the price of crude are quickly filtering through to bulk delivery and pump prices. A spokesman for international operator Cranleigh Freight Services says it has seen its bulk fuel deliveries for its UK fleet rise 2p/lit in the last few weeks. If the events in Iraq do not reach a conclusion soon, more rises are bound to follow, he adds.