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Crude Oil Prices Near $96 as Political Crisis Shifts to Libya

Commodities / Crude Oil Feb 23, 2011 - 08:14 AM GMT

By: LiveCharts

Commodities

Libya is the latest country facing political upheaval as it nears Civil War. Just a week after Egypt’s President Hosni Mubarak ended his 30-year run by resigning amid public unrest, Libya’s leader Moammar Gadhafi is dealing with similar anti-government demonstrations.

Gadhafi spoke out on Tuesday asking those that support the Libyan government to go on the offensive against the demonstrators, now supported by several army units that have defected from the government.


Protestors have reportedly ceased control of much of eastern Libya, which is a rich oil-producing region of the country.

The political uprisings in major oil hotbeds has caused oil prices to spike by about $12 after a dip to $84 less than two weeks ago.

One barrel of light sweet crude oil futures scheduled for April delivery is priced at $95.85, up $.43 in early Wednesday morning trade on the New York NYMEX.

The current crude oil price is at its highest point since October 2008, and the price is likely to go higher according to Goldman Sachs. The company now says crude oil prices will top out at $103 within the next 12 month period.

Global political uncertainty in oil-producing countries has created uncertainty about oil production in the coming months.

Bahrain’s government has been the target of public protests as well lately, and similar unrest is present in several other Middle East countries where citizens are demanding democratic governments.

Higher oil prices have also dragged the euro and pound along as each currency has gained against the US dollar to star the week.

One euro fetches $1.37246 in early Wednesday New York currency trade and the British pound is at $1.62294. Both currencies are trading just slightly below their near-term highs against the dollar.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2011 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

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