Politics trigger oil prices

Crude oil prices reached the 78.1 dollar mark on Friday and market analysts said that the price is increasing due to supply constraints resulting from political tension in the Middle East and Africa.

The Latin American News Agency, Prensa Latina on Friday said that crude prices reached new all-time highs at the opening of international commodity exchanges, beyond the 75 dollar-mark, triggered by growing tensions in the Middle East and damage to oil facilities in Nigeria.

According to analysts, the price hike was influenced by Israel's military aggression against Lebanon, together with pressure on Palestine authorities and threats against Syria.

That conflict is seen by several experts as an important factor in world energy circles, as it occurs in a zone with the largest oil reserves on the planet.

Meanwhile, in Nigeria attacks were reported against two oil pipelines operated by the Italian consortium ENI, which caused the paralysis of at least three pumping stations, with losses estimated at 120,000 barrels a day.