Oil's Tug of War Is Poised to Continue

22/12/2011 00:00 AST

Between major disruptions to crude-oil supply and worries about an economic downturn that could crimp demand, this year has been incredibly volatile for oil markets.

And 2012 looks set to be more of the same, with threats to both supply and demand to continue influencing oil prices.

This year, the price of Brent crude swung between $92.37 and $127.02 a barrel. Participants were reacting to the loss of high-quality Libyan crude and its subsequent faster-than-expected resumption, Middle East unrest, the U.S. credit-rating downgrade over the summer, and the ongoing euro-zone sovereign-debt crisis.

Overall, however, oil prices have proven remarkably resilient in the face of economic worries, with Brent crude trading over $100 a barrel for most of the year, while U.S. crude was mostly in the $90s. Overall, front-month Brent has risen 14% this year, to $107.72, while the front-month futures contract on the New York Mercantile Exchange has gained 8%, to $98.67.

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