Commodity Daily News

Will Oil Continue To Appreciates Over The Georgian Conflict?

Oil prices appreciated above US$116 a barrel today once again on concerns that Caspian Sea supplies may be disrupted.
Russian bombers targeted the Baku-Tbilisi-Ceyhan pipeline supplying Azeri Crude across Georgia and Turkey to the Mediterranean Sea as was reported by the Georgian Economy Minister. In fact, Georgia is a key link in a U.S.-backed ``southern energy corridor'' that connects the Caspian Sea region with world markets, bypassing Russia.
Overall, the Crude prices climbed to record highs above $147 a barrel earlier the previous month, but have since fallen more than $32 as reports have indicated that record high prices of Light Sweet and gas have been motivating consumers to lower their demand.