19 Jun '11, 4am

Oil market witnesses record price gap

LONDON: A cocktail of factors, including ample US crude stockpiles, unrest in the Middle East and North Africa and keen Asian demand, has caused benchmark oil prices to trade more than $20 apart, the biggest ever gap. Last week, a barrel of Brent crude oil struck a record premium of $22.79 against the price of New York crude, or West Texas Intermediate (WTI). New York prices have mostly been weighed down by plentiful crude supplies in the key transit hub of Cushing, Oklahoma, in the United States -- which is the world's biggest global oil consuming nation. However, London Brent oil has found solid support from mounting supply concerns on the back of violent unrest in Libya and Nigeria, alongside falling North Sea production. "The current very high Brent prices reflect rising geopolitical risk and possible tensions on world supply/demand balances in the future," said Credit...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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