Nearest oil futures prices surge by 1.69 % - 2.04 % on major world trading floors

/IRBIS, Dinara Mukasheva, May 29, 08/ - By the results of trades of May 28 this year: - on NYMEX (New York) the price of Light Sweet Crude Oil mixture with delivery in July 2008 increased by 1.69 % to $131.03 per barrel; - on ICE (London) price of July Brent Forties Oseburg futures increased by 2.04 % to $130.93 per barrel On Wednesday, quotations climbed up again with the market expecting for the USA Ministry of Energy weekly report on oil reserves in the country and oil delivery volumes decrease on the world markets in the meddle term prospect. Questioned by Platts, analysts supposed that crude oil reserves in USA increased only by 750 th. barrels last week, and production ratio of oil processing plants grew to 88.4 %. However Morgan Stanley's analysts announced that Brent oil barrel price can easily reach $150 per barrel. Vice president of International Energy Agency William Ramsay only heated the situation; yesterday he declared that the world oil production peak hasn't been passed yet. According to his opinion, a speculative component of oil prices growth is rather a consequence than a basic factor. The main reason is hidden in problems of increasing of production, transportation difficulties, storage and processing. In a short term prospect, it is likely that oil prices surge as the market expects new disruptions in oil deliveries on world markets. In particular, Chinese Sinopec announced on intentions to stop oil products export in the third quarter with the purpose to satisfy the internal demand during the Olympic Games in Peking. In addition, Nigeria situation does not improve; the Movement on liberation of Niger's delta is expected to attack again. The data of exchanges, published in various information systems, were used to create this message. [2008-05-29]