Crude Oil Futures Prices Trades at Highest Level in Two Weeks

As drivers fear another increase in the prices of diesel and gasoline in the budget, crude oil futures prices traded in New York at their most expensive rate in two weeks.

The crude price per barrel of the U.S. benchmark for delivery in January moved higher than $89 per barrel as China’s manufacturing output for the month of November moved up to 50.6.

Similarly, Brent moved closer to a crude price per barrel of $112.

Drivers worried about gasoline prices and homeowners concerned with heating costs have been constantly faced with reports of rising oil prices in the past years.

Fuel prices surged in 2008 and then dramatically dropped in the latter parts of 2009. However, the overall trend has been widely an increase since that tme.

Gerry Hennigan, energy analyst of Goodbody Stockbrokers, said that the per barrel oil price tends to be more reactive to the risks caused by supplies rather than factors affecting the economy.

The oil markets were left scared in the early parts of this year as conflict with Iran increased over threats to close down the Hormuz Strait, leaving traders watching for a dangerously sharp rise in per barrel oil prices.

In Ireland for example, drivers are preparing for the possibility of more price increases in diesel and gasoline. In this European country, changes in the prices of each barrel affect the pump, but the majority of what drivers spend for diesel and gasoline is paid to the state.

Figures gathered by AAA Ireland show that 54.5% of the amount paid for gasoline goes to taxes. For diesel, that figure is 57.1%.