SYDNEY. Contract oil price, have been rising again. Skyrocketing price of black gold (crude oil) that occurred after the A.S., Britain and France launched a military offensive and air in Libya. Investors worried that the condition will return to cut oil supplies from Libya.
This morning, oil prices soared 2.1% after the Libyan leader Muamar Kaddafi vowed to destroy the coalition forces. Meanwhile, Bahrain ,about 90% of Bahrain Petroleum Co employees staged a strike in protest at police brutality against protesters in the country . Conditions in Yemen is also quite tense. On 18 March, the Yemeni government declared a state of emergency conditions.
“Conditions in Bahrain is more important than Libya. The main focus will be relying on Saudi Arabia and Iran, which is currently the largest oil supplier. Only later followed by Bahrain,” said Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney.
Note course, this morning, contract prices for April delivery rose U.S. $ 2.12 to U.S. $ 103.19 per barrel on NYMEX. At 10:17 am Sydney time, the same contract at the level of U.S. $ 102.71.
While the contract price of Brent crude rose U.S. $ 2.26 or 2% to U.S. $ 116.19 per barrel on the ICE Futures Europe Exchange.