Oil prices have zoomed more than US$6 since the last week of 2005. Oil prices have steadied at US$64, at an almost three-month high supported by renewed fears over political instability in major oil-producing nations and a fresh infusion of investor funds, as the U.S. dollar enters into secular decline, and investors look at portfolio hedges with real assets like oil and gold.
U.S. February light crude stood at US$64.18 a barrel and London Brent crude stood at US$62.75 a barrel. Oil prices have risen 12% in three weeks, but are still below their Aug. 30 record US$70.85.
Ariel Sharon's health, and worries of the impact of Iran's nuclear ambitions on relations with the U.S. are weighing on oil prices. Death or incapacity of Sharon, who raised peace hopes by pulling out of Gaza in September to end 38 years of military rule, would create a void in Israeli politics and efforts to forge peace with the Palestinians.
09-Jan-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}