Prices of Crude in Dubai Reach $120 per Barrel
Crude oil prices in Dubai have almost reached the $120 a barrel mark. This comes with concerns regarding the on-going conflict between the West and Iran that may possibly cause a disruption in the oil supply worldwide.
The recent Korea National Oil Corporation data showed that the crude oil price chart for Dubai oil reached $117.45 per barrel. That is an increase of more than one dollar compared to the days prior to that.
This was the highest posted figure since May 3 of the prevous year when Dubai crude prices was almost at $118 a barrel.
As the standard Persian Gulf oil prices go up, WTI prices for March delivery finished at almost $104 per barrel on the New York Mercantile Exchange during the session’s end in the past week. That rate was higher by 1.3% on that day.
The increasing Dubai crude oil prices have raised the cost of oil products worldwide.
In the recent spot market of Singapore, gas prices increased by $2 per barrel to finish at $130.64. That is the highest recorded level during the year. Prices for kerosene and diesel in the market fuel of Asia also showed their highest figures during the end of the week.
In Korea, gas prices are almost reaching the significant mark of 2 thousand won a liter.
The latest gas prices at the local pump grew for 45 straight days to over 1,968 won a liter. In US dollars, this is about $1.76. According to analysts, Korea may be anticipating something that is more worse due to the current debt crisis in the eurozone countries, the deteriorating political situation in their nation and the oil price increases globally.