Oil Prices below US$100
The price of Oil has spent most of this week so far below the US$100 per barrel mark. In fact It went as below $92 on Tuesday. The sharp increase today could be the result of reactions to the bombing of the US Embassy in Yemen apparently Al Queda.
It is interesting to note the price of OIL recently was not negatively affected by hurricane Ike that devastated sections of Texas and knocked out a few oil platforms. Thee attacks by rebels on Oil pipelines in Nigeria or OPEC decision to cut production did not seem to faze the market. There are some reports that there has been slight decline in demand for OIL and this is possible part of what is keeping the price in check.
Another factor that could be affecting the price of OIL is the problems in the financial markets in the USA and the effect that will have on consumers.
In Jamaica, the price per litre of Gasoline 87 and 90 went up by fifty cents (JM $0.50) while the price of Diesel decreased by 89 cents(-JM $0.89).
Of interest:
Tags: Al Queda, Jamaica, Oil, US Embassy, Yemen