April 14, 2011 / 6:03 AM / 8 years ago

Angola: high oil due to Libya strife, geopolitics

WASHINGTON (Reuters) - The oil minister of OPEC-member Angola said on Wednesday that geopolitics and the the war in Libya are the main factors of rising oil prices.

“The problem is the geopolitical situation in Libya and other countries,” Jose Botelho de Vasconcelos, told Reuters.

“This is the key issue in terms of price,” said the minister, who is in Washington for an international offshore oil meeting hosted by the U.S. Department of the Interior.

Brent crude oil futures trading in London closed nearly $2.00 higher on Wednesday to $122.88 a barrel on data showing U.S. gasoline stockpiles plunged last week and from lingering worries about the Libyan conflict.

U.S. crude also rose closing above $107 a barrel on Wednesday after hitting more $113 a barrel on Monday, the highest since September 2008.

High oil has spurred worries that gasoline prices will hurt the economic recovery.

The minister would not say whether he believed the Organization of the Petroleum Exporting Countries should raise production to help push down prices.

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