Crude oil prices declined modestly today from the new record levels, following reduced supply disruption risks in Venezuela. The US light crude price declined to $46.30 per barrel, after peaking at $46.91 per barrel earlier today, which was the new record high in the 21-year history of oil futures trading at the New York Mercantile Exchange. The London Brent crude price declined to $43.60 per barrel from a new record high of $44.11 per barrel reached earlier today, according to New Ratings.
A string of rallies have been pushing the cost of crude to new records on an almost daily basis. Fears of terrorist attacks, disruptions to Iraqi crude exports and financial troubles at Russia’s largest oil producer, Yukos, have all fuelled the situation. Bruce Evers, oil analyst at Investec Securities, said: "With demand remaining as tight as it is and supplies as tight as they are, everything points towards the possibility of higher prices", reports PA News.
The massive explosion at the port of Beirut occurred due to the detonation of 2,750 tons of ammonium nitrate, which was seized in 2014 from the ship Rhosus