Posted June. 13, 2005 06:29,
The price of Dubai crude is soaring this month, surpassing $50 per barrel again. Dubai oil makes up 80 percent of total crude oil imports to Korea.
The steep rise was caused by the fact that the demand for gasoline is high due to the impending summer season, but the global supply is tight as refining facilities are insufficient.
According to the Korea Petroleum Development Corporation, Dubai crude oil was sold at $50.08 per barrel on June 10, $0.80 higher than the price of the previous day, in the local market.
This is the second time this month the price has exceeded the $50 per barrel threshold after June 6 ($50.01). The average June price is almost $50 ($49.26).
The monthly average price of Dubai crude was $37.97 in June. After increasing for three consecutive months in February ($39.91), March ($45.85), and April ($47.21), it went down to $45.41 last month, but is rising again this month.