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London Brent crude up sharply, finished the week at 86.68 dollars

LONDON - Oil prices were progressing significantly on Friday, supported by the announcement of a request financial aid from Greece to curb a severe fiscal crisis, also relieving the stock market. In London, a barrel of Brent North Sea crude for delivery in June and took $ 1.01 to close at 86.68 dollars, while a barrel of light sweet crude for the same maturity gained 80 cents to 84 $ 50 on the New York market. After moving to the balance in the morning, classes were part of crude sharply higher in late European trade, in the wake of the exchanges. The market reacted following the request by Greece for financial support to the IMF and the European Union, which has brought relief to the markets of raw materials, reducing the nervousness of investors and helping the euro rebound against the dollar.
Reuters April 24, 2010

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Speculation is a factor of instability for energy markets affecting the prices and investments in the sector, Energy and Mines Minister Chakib Khelil said in Cancun (Mexico). In an address at the International Energy Forum (IEF), held on March 30-31 in Cancun, devoted to the impact of markets volatility and uncertainty on investment, the minister stressed that "factors like speculation affect prices and act as constraints to investment and development of oil and gas resources," a ministry's communiqué has said. Expressing the point of view of Algeria, an oil and gas producer and exporter, Khelil underlined that the instability is "illustrated in the surplus of production capacity and a pressure to cut prices."
The minister voted, on behalf of Algeria, for the "Declaration of Cancun," which is aimed at the institutional strengthening of energy dialogue, with a view to contributing in reducing markets volatility.

The declaration was prepared by a working team composed of the representatives of eleven energy producing and consuming countries, including Algeria.
On the sidelines of the forum's works, the minister had a series of bilateral discussions with his counterparts, including those of Mexico and Poland.
He received the executive director of the International Energy Agency (IEA) as well as the representative of the European Commission.
The discussions were mainly focused on the gas market and its prospects, the ministry underlined.

Source: El Moujahid 04/04/2010