| World Oil Prices Back Up |
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| Tuesday, 01 March 2011 00:00 | |||||||
Page 1 of 2 JAKARTA. World oil prices crept back up, after the close Monday (02/28/2011) prices for April delivery had touched U.S. $ 96.97 per barrel (WTI) and U.S. $ 111.80 per barrel (Brent).In trading Tuesday (03/01/2011), Brent oil for April delivery surged to U.S. $ 115.42 per barrel, and WTI for the same delivery rose to U.S. $ 100.07 per barrel. Rising oil prices triggered re-Iranian conflict which adds to concerns of oil supply from the Middle East. As reported by Reuters, in Tehran, demonstrators clashed with Iranian forces in a demonstration protesting the government to demand the release of two jailed opposition leader. It directly adds to concerns of oil supply from the Middle East. Meanwhile, Wall Street Journal reported, to cover the lack of oil supply from Libya, Saudi Arabia to increase production from 9 million bpd, up 500,000 bpd. The existence of Kuwait's commitment to provide about 200,000 bpd of production reserves are also expected to shut down Libya's oil production decline and a half due to the conflict. (energy and mineral resources)
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