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Oil futures down from 30 month high

by Jorge Hernandez on March 24, 2011

Oil futures fell by about 0.6 percent on March 24, marking a decline from a 30-month long high, according to Bloomberg.

Fears about political instability in Saudi Arabia, the largest exporter of crude oil in the Middle East, is not as pressing as previously anticipated, according to financial analysts.

“At least for the moment, there doesn’t seem to be the immediate concern of the political situation in the Middle East spreading to Saudi Arabia, like we had a few weeks ago,” Mark Keenan, the chief investment officer of Cubit Asset Management Pte, told the news source.

Crude oil as well as brent oil futures for May delivery both fell, the former in trading on the New York Mercantile Exchange and the latter on the London-based ICE Futures Europe exchange.

The total U.S. gasoline consumption is about 9.07 million barrels, per day. Fuel demand is approximately 19.3 million per day, and total U.S. crude oil inventories stand at about 352.8 million barrels on March 18.

Recent political instability in Libya, where U.S. warplanes have bombed Qaddafi's government, led to fears that turmoil would spread to other oil-producing countries.

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