RON97: Crude oil price head higher

Crude oil price head higher today, currently traded at USD107.23 per barrel in futures trading and are likely to head higher given the unfolding unrest in the Middle East and post-quake reconstruction in Japan.

Since the price already break USD106 on last night, it may target 300% fibonacci level at USD109.73

Hmm.. will our Ron 95 and Ron 97 also increase as well? Yes, I heard a rumor that RON 97 price will increase tonight effective on 2 April 2011. But still I did not receive any confirmation of that rumor. If this rumor is correct, then the new price for Ron 97 will be RM2.70 per litre.

Update: Confirmed, increased by RM0.20 so the new price will be RM2.70. The highest in two year. Ron 95 remains unchanged (at this moment).

What’s behind the oil spike? Read here.

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