* The quotations of grains, which until recently bore the brunt of the blame for rise of the price of food are now dropping
The price of Brent crude yesterday climbed to the highest level of the last 30 months, on the London market, as the violence of Libya have caused deliveries of oil from this country to drop. The recent shock on the market for crude will fuel inflation around the world.
In London, the price of crude got close USD 120/bbl, amid speculation that Libya lost about two thirds of its output of oil, and in New York, the price rose above USD 100 / bbl.
On the ICE Futures Europe of London, the price of oil with April delivery rose USD 3.42 (3.1%), to USD 114.67 dollars/bbl, after previously reaching USD 119.79 dollars/bbl - the highest level since August 21st, 2008. This week, the price climbed over 10, and over 20% in the past month, amplifying the fears over accelerating inflation.
On the New York Mercantile Exchange, the price of oil with April delivery rose USD 1.69 (1.7%) at 09.53, reaching 99.79 USD/bbl. Prior to that, the quotation had reached USD 103.41/bbl - the highest level since September 29th, 2008.
On Wednesday, Japanese brokerage firm "Nomura Holdings" Inc. predicted that oil could rise to USD 220 /bbl on the London exchange, if Libya and Algeria stopped production, due to the spread of violence in the region.
Libya, which produced almost 1.6 million barrels a day, is a member of the Organization of Petroleum Exporting Countries (OPEC), and its exports are mostly going to Europe. Libya has the greatest oil deposits in Africa.
Analysts estimate that the daily output of Libya dropped by almost 1 million barrels, as the major companies in the region halted their operations.
It is worth mentioning however, that an official of Saudi Arabia yesterday said that his country and other OPEC member c
