The price of Brent crude oil has climbed to nearly USD 117 per barrel in Asian trading amid persisting anti US protests across the Muslim world against an anti Islam movie made in the country.

Brent crude price for November delivery went up by 12 cent for the eighth successive session to USD 116.78 per barrel. US crude oil prices meanwhile, reached USD 98.92 per barrel for October delivery nearly 1.5% shy of its peak of USD 100.42 during Friday’s trading.

Brent crude surged to 4 month high of USD 117.95 per barrel gaining 2.1% for the week ending on September 15th 2012.

Some market analysts predict further hikes in global oil prices as anti American protest rallies are expected to continue in many oil producing Muslim nations. The persistent rise in global oil prices has also been attributed to measures by the US Federal Reserve to stimulate the country’s ailing economy.

Market analysts however caution that the climbing crude prices would not at all benefit the struggling global economy.

Source - Press TV

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