Oil price spikes to US$97 after Bhutto's death
World oil prices surged Thursday towards 97 dollars per barrel on geopolitical jitters following the assassination of Pakistani opposition leader Benazir Bhutto.
News of Bhutto's assassination sent New York's main contract, light sweet crude for February, to a one-month peak of 96.70 dollars per barrel.
In London, Brent North Sea crude for February gained 34 cents to stand at 94.28 dollars per barrel.
Benazir Bhutto was killed in a suicide attack on Thursday, just two months after the former premier returned from exile for a political comeback.
Source: London Times
Bhutto's death "highlights the geopolitical tensions, because it's not a major oil exporting region, but it is important in terms of geopolitical impact," said AG Edwards analyst Eric Wittenauer.
Oil prices also found further support from market expectations of falling crude inventories in the United States and the current stand off between Turkey and Iraq.
Credits: Jarvis
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