Oil prices rise to two-year peaks on job figures from US amid Mideast unrest

11-Apr-11

World oil price jumped this week to the highest levels since 2008. New figures from USA that showed reduced unemployment amid unrest in the Middle East have propped up oil prices to two year highs. An increase in employment figures signifies a possible increase in oil demand in USA, supply concerns abound due to persistent unrest in the Middle East. Brent North Sea crude for delivery in May rose to US$124.84, the highest price since early August 2008.New York’s main contract, light sweet crude for delivery in May, soared to US$111.90- a level last seen in September 2008.