Crude oil prices above USD 102 pb

JNN 15 Feb 2011 : The wave of pro-democracy rallies in the Middle East and the ouster of Egyptian President Hosni Mubarak have resulted in the price of Brent crude oil soaring above USD 102 per barrel.

Brent crude, the benchmark in Europe, Africa and the Middle East, for April delivery was up USD 1.36 on Monday to USD 102.30, Reuters reported.

The revolution in Egypt helped push Brent above USD 100 at the end of last month for the first time since 2008.

The recent hike comes after pro-democracy protesters ousted Mubarak on Friday, ending his three-decade rule.

According to analysts, pro-democracy rallies in Yemen, Jordan, and Algeria have also influenced prices.

The Middle East and North Africa hold more than one-third of the world’s oil.

US crude for March was down 9 cents to USD 85.49. It fell as low as USD 85.10 on Friday, the lowest price in 10 weeks.

Head of the Organization of Petroleum Exporting Countries (OPEC) and Iranian Oil Minister Massoud Mirkazemi said last week an emergency meeting would not be held even if crude prices rise to USD 120 a barrel.

Meanwhile, the OPEC oil price edged down to USD 97.37 at the end of last week, the group said on Monday.

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