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Rising Oil Prices- U.S. trend

2008-07-29 15:25:42 (GMT) (Caymanmama.com - Business News)



Tokyo (CaymanMama.com) — Oil prices edged to the limit on Tuesday, as worries in Nigeria and Iran raised supply tensions despite the fact that gains and profits were limited due to the release of the US inventory data of oil this week. The delivery of US light crude has surged to 39% at the rate of $125.12 per barrel. This soar settled at $124.73; a rise of $1.47.

London Brent Crude soared by 42 cents and reached $126.26 per barrel, after it settled at $1.32 on Monday.

According to an analyst of asset management in Tokyo, Tasuo Kageyama, “Tensions over Iran’s nuclear program and attacks on Nigerian pipelines have increased supply worries.”

Mahmoud Ahmadinejad, the Iranian president, commented on Saturday that Iran has about 5,000 centrifuges that are active in enriching uranium, while keeping focus at the concerns of geopolitics.

According to a UN NUCLEAR watch dog agency, Iran seems to have overvalued the expansion of the program of uranium enrichment as the IAEA (International Atomic Energy Agency) checked and verified the fact that only 4000 were installed and just 3500 of which were enriching uranium on a regular basis.

The prime militant group in the region of Nigeria Delta said on Monday that it had particularly attacked the pipelines of Royal Dutch Shell. Shell also added that it had hampered some production because of the incident but refused to comment further about it.

However, profits are limited by the assumption that demand is reducing in the US – this has been analyzed following the fall in the sell off prices earlier this month.



wiredky · Filed Under Business 

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