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Oil continued its yesterday's rise, which was due to fears that rising tensions in the Middle East could cause disruptions in the supply of the region, which accounts for over a third of world production.
Prices also rose after U.S. Defense Secretary Leon Panetta said the U.S. has sent military advisers to Jordan and Turkey offered humanitarian support and assistance in case of possible military confrontation with Syria. Turkey's top general Necdet Ozel warned of a harsh response if the Syrian military will continue to bomb the Turkish soil.
Also, the U.S. Energy Department cut its oil price forecast for 2012 to $ 95.55 per barrel from $ 95.66 last month.
Note that according to the Statistical Review of World Energy in the Middle East and North Africa in 2011 was concentrated 36% of the world's oil and 52% of proven reserves.
Also, the price of oil fell amid early forecasts that U.S. stocks rose last week for the first time in three weeks.
Analysts expect oil reserves rose by 1.5 million barrels to 366.2 million in the seven days that ended on October 5.
Also note that the weekly report from the Department of Energy's delayed for a day because of the Columbus Day holiday, which was celebrated in the U.S. on October 8.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 91.28 per barrel on the New York Mercantile Exchange.
November futures price of North Sea Brent crude oil mixture is 113.69 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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