As developed nations scramble trying to resolve respective fiscal problems, worldwide prices of crude oil continue its ascent as the winter requirements peak that could eventually trigger global domestic prices of gasoline and diesel to spike as well.

Crude for December delivery soared for a third day in New York, mounting as much as 70 cents increase to $99.69 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.02 at 7:44 a.m. Singapore time. On Nov.11, it gained $1.21 to $98.99, its highest since late July this year. Prices have been growing for six weeks, its longest run of gains since April 2009.

Bell Potter Securities Limited forecast the prime commodity will average $98.99 a barrel this week.

Brent oil for December settlement scored a 0.3 per cent gain, or 28 cents, to $114.44 a barrel on the London-based ICE Futures Europe exchange.

The world lauded the recent developments in Greece's and Italy's governments as both now race to institute needed reforms to salvage the two European countries from financial oblivion.

"However, markets are likely to be cautious in their enthusiasm for the new governments at this stage. Both have a fragile hold on political power and their capacity to implement the kinds of reform needed to restore market confidence is yet to be tested," Ric Spooner, Chief Market Analyst at CMC Markets, said in a statement.

Investors are likely to wait for clear signs of progress in implementing reform before they make major adjustments to the risk premium currently built into share prices and European bond yields, he added.

But as global oil prices dangle on the $100 per barrel mark, its psychological impact had led gasoline and diesel businesses in Taiwan to effect price increases, by NT$0.4 and NT$0.5 a liter respectively.

Taiwan's CPC Corp. now sells 92-, 95- and 98-grade gasoline at NT$31.3, NT$32 and NT$33.5 a liter respectively, and super diesel at NT$29.5 a liter. Its main competitor Formosa Petrochemical sells at the same prices except for 98-grade gasoline, offered at NT$33.6 a liter at Formosa gas stations nationwide, the China Post said.

The US oil price has reached more than 30 per cent above its early October low, and could go to as much as $150 a barrel in the coming years, the International Energy Agency (IEA) said earlier.

Oil demand worldwide will increase by 15 per cent over the years to 2035, with the Middle East and North Africa expected to supply more than 90 per cent of the necessary output, the IEA said.

https://www.ibtimes.com/articles/245947/20111109/world-demand-oil-seen-peek-2020.htm

https://www.ibtimes.com/articles/245933/20111109/asian-oil-prices-97-barrel.htm