Oil prices near $102 amid anxiety about global supply

June 10, 2011 - 10:14 AMT

PanARMENIAN.Net - Oil prices hovered near $102 a barrel Friday, June 10, in Asia amid anxiety that global supply may not be able to meet growing energy demand.

According to AP, benchmark oil for July delivery was down 5 cents to $101.88 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract gained $1.19 to settle at $101.93 on Thursday.

In London, Brent crude for July delivery was up 24 cents to $119.81 a barrel on the ICE Futures exchange.

World oil demand is expected to outpace supplies later this year by the widest margin since 2007. OPEC has decided not to increase oil production but Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway - which will drain spare capacity in the cartel that controls more than a third of global output.

In addition, ongoing conflicts in the Middle East and North Africa and the U.S. hurricane season are adding to the risk of reduced supplies.

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