Crude Oil Posts Its Highest Weekly Gain Since September 2008

The US crude oil future surged on Friday and reported the highest weekly gain since September 2008 over political turmoil and escalating riots in Libya. On Thursday the crude oil price reached their highest in last 2.5 years. Libya happens to be the 12th largest oil producer in the world and almost its entire oil product is ceased due to riots, however on Friday settled down as Saudi Arabia announced to increase its oil production to fill the shortage of oil supply because of crisis in Libya. Saudi Arabia announced to increase its oil production by 700,000 barrels per day to cover the shortage of Libya.

Tensions have further escalated after announcement of United States that it would impose sanctions on Libya due to unjust treatment of President Gaddafi.

On Friday sweet crude oil future contract for April delivery CLJ1 gained 0.62 percent to $97.88 per barrel in New York Mercantile Exchange. The contract ClJ1 traded with range of $96.17 to $99.20 per barrel. Te contract surged 13.5 percent for the current week.

The Brent crude oil future contract for April delivery advanced 0.7 percent to $112.14 per barrel in ICE exchange at London. The contract traded within the ranges of $110.52 to $113.91 per barrel on Friday and reported its highest weekly settlement at $114.05 per barrel since August 31st, 2008. Brent Crude future contract soared 9.38 percent for the week.

The Heating oil future contract for March delivery reported the gain of 18.04 percent for the week to $2.9309.

Pete Southern About Pete Southern
Pete Southern is an active trader, chartist and writer for market blogs. He is currently technical analysis contributor and admin at this here blog.

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