Rising Syrian tensions and falling Crude supplies resulted in spiraling of light sweet Crude oil prices in world markets. Further supporting the commodity was the ongoing sanctions on Iran and its continuing nuclear program. The tensions in Syria spilled over to Lebanon on religious issues creating fresh doubtful atmosphere in Middle East.
OPEC said that the prices are moving in a more stabilized trend compared to declining momentum earlier. Demand of summer driving season and shutdown of nuclear capacity in Japan supported the value. Global Oil demand remains unchanged at 0.9 million barrels per day in 2012.
Energy Information Administration (EIA) report showed a decline of 3.7 million barrels in Crude oil supplies. Crude Oil supplies were at 366.15 million barrels during week ending 10 August 2012. Maintenance work in North Sea was affecting supplies from the region and galloping Brent.
EIA has projected Brent Crude oil to average at $ 103 per barrel in second half of 2012 in its latest outlook. This was $ 3.5 per barrel higher than last report. NYMEX Light Sweet Crude Oil for September expiry closed the week at $ 96.01 per barrel, up 3.4%.
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