Buyers run for cover

DOMESTIC: ENERGY / MARKET REVIEW

The continuing high international prices of crude oil have sent oil-importing economies of both developed and developing types scurrying for cover.

While crude oil touched a 13-year high on Tuesday, there appeared to be little signs of an early let-up in prices with continuing violence in West Asia.

Traders were of the opinion that the "overheated" oil market will continue to be on the boil for some time more as revelations about excesses of western troops on Iraqi prisoners continued to pour in.

This would lead to adverse reaction in the oil-producing West Asian nations. This could escalate into disruption of supplies further pushing up prices.

The international benchmark Brent (dated) crude, which was hovering at $34.78 a barrel on April 28, moved up to $35.04 a barrel on April 30, to be quoted at $36.75 a barrel on May 4.

Jet fuel (Singapore), which was being quoted at $43.68 a barrel on April 28, moved up to $45.55 a barrel on April 30, and touched $44.40 a barrel on May 4.

Prices of gas oil (Singapore) with 0.5 per cent sulphur, which were ruling at $40.45 a barrel on April 28, moved up to $41.75 a barrel on April 30, and touched $43.18 a barrel on May 4.

Naphtha (Singapore), which was being quoted at $37.57 a barrel on April 28, touched $38 a barrel on April 30, and was quoted at $38.55 a barrel on May 4.

Prices of unleaded petrol (fob Singapore), which were ruling at $43.33 a barrel on April 28, moved up to $45.58 a barrel on April 30, and touched $47 a barrel on May 4.