Dubai Crude Oil Jumps to over $30 a Barrel

International oil prices hit high for consecutive days.

According to the Korea National Oil Corporation (KNOC) on Tuesday, Middle East Dubai crude was traded at $30.17 a barrel on Monday, up 76 cents from last week.

It was the first time in a year since March 13 of last year before the Iraq war that the price of Dubai crude climbed over $30.

The price of West Texas Intermediate (WTI) crude also rose 72 cents to $36.78, almost approximating the price ($37.44) on 25th of last month, the highest price in 11 months.

Brent North Sea crude fell 16 cents from the day before to $32.78, but was still high when compared to the average price of $28.70.

The soaring oil price could be a result of unstable supply and demand, and Venezuelan President Hugo Chavez’s shocking announcement that he might cut off oil supplies to United States.

As preparation for a prolonged surge in oil price, the Ministry of Commerce, Industry and Energy will examine countermeasures starting next week, such as a system where cars must be left home or “rested” once every ten days, and other first step emergency plans.

Ki-Jeong Ko koh@donga.com