Oil prices shoot up on Chavez demise
7 March 2013 5:52 AM IST
Oil prices climbed in Asian trade today on uncertainty following the death of Hugo Chavez, the president of major Latin American crude producer Venezuela, analysts said.
New York's main contract, light sweet crude for delivery in April, added 26 cents to USD 91.08 a barrel and Brent North Sea crude for April delivery rose 43 cents to USD 112.04 in mid-morning trade in Asia.
‘The impact of the news seems to be minimal at this point in time, but some speculation and risk has been priced into oil futures,’ Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore, told AFP. Jason Hughes, head of IG Markets, Singapore, said the full impact of the left-wing leader's death has yet to be felt but traders are watching for signs of instability within OPEC member Venezuela.
New York's main contract, light sweet crude for delivery in April, added 26 cents to USD 91.08 a barrel and Brent North Sea crude for April delivery rose 43 cents to USD 112.04 in mid-morning trade in Asia.
‘The impact of the news seems to be minimal at this point in time, but some speculation and risk has been priced into oil futures,’ Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore, told AFP. Jason Hughes, head of IG Markets, Singapore, said the full impact of the left-wing leader's death has yet to be felt but traders are watching for signs of instability within OPEC member Venezuela.
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