Elevated Oil Levels Trigger Fuel Price Hikes in China

Crude oil benchmarks move steadily at highest levels in more than 2 years. While some market participants believe that the Libyan situation has priced in, escalated tensions in the regions will continue supporting prices. Despite elevated price levels, OPEC minister said yesterday that the cartel cannot do much to limit the rises. It seems unlikely for an extraordinary meeting to be held for this purpose. The front-month contract for WTI crude oil hovers around 108/109 while corresponding Brent crude contract moves sideways around 122.

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Elevated Oil Levels Trigger Fuel Price Hikes in China