Monday, 01 August 2011 16:00

Political and Geographic Influences on the Crude Oil Prices

During this stormy days, that we're living, the crude oil prices experience a great variety. On the one side there is the economy crisis of the United States, on the other the hurricane season in the Gulf of Mexico.

At the moment, the Congress of the United States could originate a “last minute” bailout plan, which could save the country from the total bankrupt. But who knows how long this will work?

In the next 48 hours, hurricane Eugene will take over on the East Coast. Not a nice event for the traders. Actually, 29% of the USA's oil refineries are located in the Gulf of Mexico. If the hurricane will damage the plants, this would have also a great influence on the development of the oil prices.

Actually, the Brent crude didn't changed a lot during the month, the actual price amounts $116.89 per barrel. WTI, however, had a very excited July. In the last weeks, the barrel cost even $100, but today this seems to recovered, $95.44 a barrel.

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