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Oil prices climb in early 2009

01/12/2009
Crude oil futures prices started off 2009 with positive movement on New York and London markets amid rising geopolitical tensions.Most analysts agree that markets are unconvinced the Organization of Petroleum Exporting Countries can cut production fast enough to offset plummeting demand for oil.Analysts at Barclays Capital said violence in the Middle East and disputes between Russia and Ukraine provided support for higher oil prices in very early 2009.“Oil prices have started the year on a strong note,” Barclays analysts said. “While the violence in the Gaza strip does not affect any oil supplies directly, the market fears involvement from other countries like Iran could...
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