Tuesday, April 5, 2011

Fuel: oil flies to $ 120 a barrel

It is no longer a euphemism to call it black gold: after reaching a price of $ 120 per barrel, oil is increasingly becoming a commodity to be used sparingly, especially in the automotive industry. So high a rate, which reached its historical maximum equaling the record of August 2008, is due to several critical factors, most notably those affecting the countries of North Africa and the Middle East but also carried out a strike in the African state of Gabon that will make it difficult to supply.

Increased demand from countries like China and India, where millions of people are buying for the first time to gasoline vehicles, play an important role. According to Iranian President Ahmadinejad, the leader of a country which exports 4.2 million barrels per day, oil prices will rise soon to $ 150 a barrel.

For the European market, the news that the Euro is rising against the dollar is welcomed by many with a sigh of relief as the currency in Washington is that with which transactions are done on an international basis.

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