AP reported that oil traded above USD 97 per barrel after attacks on US diplomatic missions and the killing of the US ambassador to Libya sparked new worries about unrest in the Middle East. By early afternoon in Europe benchmark crude was up 25 cents at USD 97.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents Wednesday to end at USD 97.01 per barrel in New York. In London, Brent crude was down 8 cents at USD 115.25 per barrel on the ICE Futures exchange. Ambassador Chris Stevens and three other Americans died after an attack on the US diplomatic facility in Benghazi. The attack in Libya came hours after a mob stormed the US Embassy in Cairo and tore down the US flag. On Thursday, protesters stormed the American embassy in Yemen. Mr Olivier Jakob of Petromatrix in Switzerland said that the fact that all of this is occurring without a price impact on oil shows that a geopolitical premium is already priced in. We need however to keep in mind that due to the sanctions on Iran there is absolutely no room for another disruption in any oil producing country. Mr Stephen Schork Oil analyst said that he expects the fundamental picture to be overtaken by the powder keg that was ignited yesterday in Libya we will be keeping a close eye on tension in the region.

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