Oil Price Fluctuation on Tuesday

Low against major currencies, conflict on middle east and worried about oil stock and disturbing oil supply in Nigeria have been pushing Oil price upper $138 per barrel on Tuesday. The current price closes to new record high made on last week. Markets are worrying with King Abdullah statement last Sunday that they will increase their barrel per day haven’t fulfill world stock. Actually Arabians have promised that his country produces more if available supply less than demand but so far the promise isn’t working.

Before that, King Abdullah claimed that running high on oil price is caused by traders and investors in market. King Abdullah said that they have increased their production and they did nothing when take profit taken investors still running.

Light sweet oil on august shipping rises from 1.30 to $138.04 level in New York Mercantile Exchange or close to evening trading season in European. On Sunday shipping, the contract risen $1.38 and closed at $136.74 per barrel. The increasing has been creating new record high on oil price last week, around $139.89 per barrel.

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