Nearest oil futures prices surge by 0.34 % - 0.41 % on major world trading floors

/IRBIS, Dinara Mukasheva, June 30, 08/ - By the results of trades of June 27 this year: - on NYMEX (New York) the price of Light Sweet Crude Oil mixture with delivery in August 2008 increased by 0.41 % to $140.21 per barrel; - on ICE (London) price of August Brent Forties Oseburg futures grew by 0.34 % to $140.31 per barrel On Friday, oil prices grew a little, having set a new record. The complex of factors played on quotations growth - however, the main problem was confrontation of the main exporters and oil consumers in regard of increasing/decreasing of delivery volumes. As is well known, USA insists on increasing of "black gold" production on the OPEK side. At that, the cartel itself doesn't have the answer on these demands: for example, Saudi Arabia's representatives have already announced on the intention to increase production by 550 th. barrels a day to 9.7 m. in July. However, other cartel members are against this measure, indicating that the main factor of oil prices increase is speculation on the market. The previous week, the USA worsened this problem after the information that the House of Representatives of USA Congress approved the bill, which allows the USA Ministry of Justice prosecute a claim against OPEK on charge of its restriction of oil deliveries and collusion with aim to determine oil prices. Though the White House has already announced that it would veto this document, the very fact of problem politicization has already aroused the corresponding reaction of OPEK countries. For example, representatives of oil industry of Libya announced on reduction of oil production in response to indicated threats of USA. Abdullah Al-Attiya, the Minister of Qatar Oil Industry in its turn, was more diplomatic saying that bid on oil markets is overabundant; however, it would be incorrect to reduce the "black gold" production in OPEK countries. At that, the mentioned bill coming into effect may cause difficulties on the American market, as many oil producing countries will avoid buyers from USA. Other factors, influencing quotations to increase, were continuing delivery failures from Nigeria and worsening relations between Iran and USA. The data of exchanges, published in various information systems, have been used to create this message. [2008-06-30]