Oil could remain at more than $100 a barrel for the rest of the month claims a new report. Energy consultancy energyQuote JHA predict the prices will remain high especially if the unrest in Egypt continues.
The price of brent crude oil has risen to above $100 a barrel for the first time since September 2008.
A report by energyQuote JHA has suggested that oil prices may stay above this level through February.
Buyers trading in January have already bought crude oil that will be delivered in February at an average of $96 a barrel.
This is part of a trend in rising oil prices that started last December, when crude oil prices remained above $90 a barrel. The price finally hit $101.01 at the end of January.
On the other hand, if geopolitical tensions ease up, energyQuote suggest buyers could see a drop in price in the second half of February.