Brent oil trading at $121, high prices a concern for demand

Brent oil futures open today’s trading session back around $121 a barrel as analysts expressed concern about the impact of high oil prices on both global demand and economic growth.

Latest Brent Oil Price

In London, Brent crude oil futures for June 2011 delivery was trading at $121.57 a barrel, 06.55 GMT this morning on the ICE Futures Exchange.

On Moday, the head of the IEA, Nobua Tanaka, said that oil prices were “very high” and that his group was alarmed that this could undermine economic growth and global crude oil demand.

Oil Price Situation Not Like 2008

Meanwhile, Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said the situation is different from 2008, when oil prices shot to an all-time high of $147, because of abundant spare capacity.

“The increase in oil prices is due to the loss of large volumes of sweet crude from the market, expansionary monetary policy, a weak US dollar, fear of spread of political unrest to other producers and the resilient demand in Asia.” the Kuwaiti minister said.

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Brent oil trading at $121, high prices a concern for demand