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Oil prices rise on S. Ossetia war
Press TV
Monday, Aug 11, 2008
The escalating conflict between Georgia and Russia has helped push oil prices to $116 a barrel, rising as much as $1.07 on supply concerns.
New York’s main contract, light sweet crude for September delivery, was up $1.06 at $116.26 a barrel in Asian morning trade on Monday.
The contract had settled down $4.82 to $115.20 a barrel on Friday, before falling to $114.90 in post-settlement trade, the lowest level since early May.
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London’s Brent North Sea crude for September delivery gained $1.07 to $114.40.
Dealers say supply troubles are major concerns. The head of Azerbaijan’s state oil company said on Saturday that oil exports had been halted via two Georgian ports due to the military conflict.
That announcement came after Russian warplanes carried out an air strike near the Baku-Tbilisi-Ceyhan (BTC) pipeline, a critical supply line to Western Europe.
Georgia does not produce oil but the country is a key transit point for crude and gas exports from Azerbaijan to markets in the West.
The conflict between the two former Soviet Union members erupted on Thursday when Georgia sent its army into South Ossetia, a small pro-Russian province which threw off Georgian rule in the 1990s.
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2 Responses to “Oil prices rise on S. Ossetia war”
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| By N2H | |||||||||||||||||||||||||||||||||||||||||
August 11th, 2008 at 9:18 am
A great danger is upon us. the ashkenazi jews have interbred with reptilians, even now they work to bring the antichrist through the 8 spoke star gate! We are living in a giant sigil follow the rabbit down the hole, take the red pill, you dont know even half of the truth! watch the entire series the reptilians are making their move!
http://hashemsfilms.com/index2.....&cid=1
August 11th, 2008 at 10:39 am
About 1% price rise for its 1% market supply… yeah, that makes sense! But you can bet that it will go much higher…