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Market turmoil as IEA warns ‘age of cheapoil is over’

Posted on 03 March 2011

From Independent: Growing fears of an enduring oil crisis prompted huge volatility on investment markets yesterday – with shares in the world’s biggest oil producer, Saudi Arabia, slumping to a 22-month low – as a top energy official warned that the “age of cheap oil is over”.

Concerns about the turmoil in Libya triggered sharp sell-offs in stock markets across the Gulf, with shares in Kuwait and Dubai sliding to six-year lows. Oil prices also remained volatile throughout yesterday, with Brent crude futures for April delivery breaching the $117 (£72) per barrel mark in late afternoon trading…………………………………….Full Article: Source


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