Oil prices increase following Arab unrest

Oil barrel

Oil barrel

Oil prices have risen further following worries over the unrest in the Arab states, and will not have been helped by the Japanese nuclear situation.

Brent crude oil increased by 2.5% a barrel, and now sits at $111.25 a barrel. This followed a three week low which some hoped would continue.

US light sweet crude also rose by $2, to $99.38 a barrel.

To blame were fresh protests in the middle east, where most of the oil is produced, including fresh problems in Yemen and Bahrain.

The problems have been made worse by Japans failure to get to grips with their damaged nuclear plant, just 140 miles from their capital in Tokyo.

The Fukushima Daiichi power plant has still not recovered from the earthquake and subsequent tsunami, and engineers are still working to prevent a major catastrophe.

Leave your comment

  • (not published)