Galena Ill

Oil prices continue to creep upwards and industry analysts predict they will soon peak, depending on geopolitical developments.

In Long Island, regular unleaded averaged $ 2.812. According to the survey conducted by the American Automobile Association (AAA), the highest figure since September 12. Prices are normally held in late winter and increased drive, but analysts say the hike this year came earlier than usual.

The problem is further complicated than simple improvements of Volvo 850 parts and other parts for automobiles, etc.. automotive experts and federal officials have blamed energy downtime for maintenance in some refineries in the U.S. and Europe. Refineries are the sources of some of the petrol consumed in the territories concerned. In addition, some experts believe that gasoline relatively cheap during the winter combined with minimal snowfall in many parts of the country to maintain the exceptionally high demand for this time of year.

But the U.S. Energy Department has this to say: "Once back refinery maintenance and increased imports, supplies appear to be sufficient to maintain the national average retail price this spring below the peak level of last spring The absence of any unforeseen major disruption in supply. "

James Ritterbusch, president of Ritterbusch & Associates in Galena, Ill., a company of Oil Trade Council, said that refineries are now speeding up production and prices will stabilize in probably about two weeks. "We'll probably peak earlier this year that we often do in April, he added.

What happens next depends on geopolitics, he said, especially a resolution of tensions over Iran's seizure of 15 British sailors on Friday, allegedly in Iranian waters. "If the situation in Iran continues to warm, we're not going to get a significant price decline, if any," said Ritterbusch.

Reference crude prices rose slightly on Wednesday, traders awaited the weekly inventory report from the United States. Traders expect a decline in gasoline stocks and an increase in supplies of crude oil. However, the opposite happened. The concern of the new situation on Iran, world's largest producer of crude in the fourth row. continued uncertainties on the nuclear program of Iran and temperatures below normal in the northern United States and the center are keeping prices from plummeting.

Iran said Monday it has begun enriching uranium on an industrial scale. President Mahmoud Ahmadinejad said the country was now capable of enriching nuclear fuel using 3,000 centrifuges.

Light, sweet crude for May delivery rose seven cents to 61.96 dollars a barrel by noon in Europe in electronic trading on the New York Mercantile Exchange. In addition, May Brent crude rose 32 cents to $ 67.74 barrel on the ICE Futures exchange in London.

Prices have been volatile in recent weeks, gaining nearly $ 5 a barrel after Iran detained 15 British sailors and fall upon their release last Thursday, then sliding almost $ 3 on Monday on expectations of oversupply at a key North American Delivery.

According to the survey by Dow Jones Newswires, analysts expect gasoline stocks fell by an average of 1.3 million barrels last week. Analysts also call for a reduction of 900,000 barrels in distillate stocks and a build of 1.6 million barrels in crude reserves. Stocks include diesel and heating oil.

Some experts and some world powers questioned the assertion. But it just added to tensions which fell after Iran released the British sailors and.