Clash in Bahrain helps push oil prices back above US$100 a barrel |
| The Canadian Press - Mar 17, 2011 |
Oil prices climbed back above US$100 per barrel Thursday after a crackdown on protesters in Bahrain increased concerns that unrest there threatens to spread to OPEC heavyweights Saudi Arabia and Iran.
Prices are also rising as Japan is expected to boost fuel imports as it recovers from its earthquake and tsunami disaster. And the world's largest oil consumer, the United States, reported Thursday that unemployment claims dropped to the lowest level since July 2008, raising hopes that oil and gasoline demand will soon increase.
Benchmark crude added $2.51 to US$100.50 a barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude rose $3.23 to US$113.67 per barrel on the ICE Futures exchange.
Oil prices have been pushed and pulled in recent weeks by various international crises that could have major impacts on world oil supply and demand.
Read Full Article from The Canadian Press
- Posted: 2011-03-17 10:54:35
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