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| Brent oil price in 2011 (dollars per barrel), Source: CME Group. |
The oil price has continued its surge in 2011. The oil price climbs to $ 119.79 times per barrel. The black gold is not as expensive as in summer 2008. Supplies in Libya, which provides ten percent of annual oil supply are driving the oil price to record levels this year. In the last four trading days the price rose for the North Sea Brent crude for delivery in April 2011 from $ 101.22 to $ 119.79.
increases in the Euro Dollar exchange rate absorb the oil and gasoline prices in the euro zone a little. Thus, the increased rate of € 1.3428 to $ 1.3805 from 14 February 2011 and 24 February 2011. This cost the barrel (159 liters) equivalent € 86.80. Despite the strength of the European single currency, gasoline and diesel price has climbed to new record highs. can be collected
During the stockout of Libya, the oil traders show primarily concerned that the unrest could spread to more countries in the Arab world. Similar scenarios of conflict in Iran or Saudi Arabia, probably the oil price in 2011 would carry on historic all-time highs. Within the Organization of Petroleum Exporting Countries (OPEC) to promote Saudi Arabia and Iran, most crude oil.
With the rising oil prices in 2011 and analysts fear a negative impact on the real economy. However, limited U.S. Treasury Secretary Timothy Geithner a negative expectation, saying that the world economy is in a much more robust state than in the summer of 2008. At that time the oil price had risen to 150 dollars per barrel.
is Meanwhile, the "easier" and cheaper oil from the North American species WTI (West Texas Intermediate) of the brand climbed from $ 100. Here, a new multi-year high of $ 103.40 per barrel was reached. Since February 2009, WTI oil is more expensive to +208.29 per cent. At that time, the black gold had cost $ 33.54 at times.
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