OIL SHOCK FEAR

With everything else that has been going on in the world of late, it’s easy to overlook the sensitivities around oil production.

Brent crude prices have spiked recently with the outbreak of hostilities in Libya.

Not only that, Venezeula is also in crisis mode.

The US then scrapped sanction exemptions on Iranian oil this month, which has added to the pressure on oil prices.

All this leads to market jitters with the possibility of 700 thousand barrels per day being knocked out of production.

As noted before prices at the forecourts and with oil suppliers tend to shoot up with great alacrity.