Home » oil » Brent Crude Oil Futures $/barrel Updated at 28 Feb 2011

Monday, February 28, 2011

Brent Crude Oil Futures $/barrel Updated at 28 Feb 2011

Brent Crude Oil Futures $/barrel Updated at 28 Feb 2011 ; Oil price rises again on Saudi Arabia unrest fears : Oil prices have risen 2% on fears unrest in the Middle East might spread, including to top producer Saudi Arabia. Brent crude reached $114.50 in early trading, before receding, while US light, sweet crude hit $99.50.

Libyan oil output is down an estimated 75% due to the revolt, but Saudi Arabia has promised to meet the shortfall.

However, on Sunday, the Saudi stock market fell 5% after 119 academics, activists and businessmen wrote an open letter to the king demanding reform.

The Tadawul all-share index has fallen a cumulative 10% in the last two weeks to its lowest level in six months, prompting some Saudi investors to call on the government to intervene to steady the market, or even to close it.

The news comes as the Egyptian stock exchange is set to reopen on Tuesday after a month-long closure due to the popular uprising there, although protestors continued to gather outside the stock exchange building intent of forcing another delay.

By 0830 GMT, Brent crude was up $1.42 at 113.56, while US light, sweet crude was $1.12 higher at $99.03. For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)