Kazakhstan, Astana, Feb. 7 / Trend A. Maratov /
High oil prices are not linked with oil traders' concern that events in Egypt will spread to Algeria, Rompetrol Group Vice President for Trade Murat Zhumadillayev said in an interview with Trend.
"Riots in Tunisia, which then spread to Egypt, became the main cause of a new spike in oil prices. All fear that unrest may spread to the neighboring Algeria, which is a major oil supplier to the world market," Zhumadillayev said.
Late last week, the oil prices recorded a $100 mark; thus, the price per barrel of Urals oil reached $101.53.
Zhumadillayev said on the backdrop of the recent developments in North Africa, traders have been actively buying up oil and creating reserves, which led to rising prices for raw materials.
"As soon as everything calms down, the price of oil will compulsorily descend to the level of $90 per barrel, as no other fundamental reasons for the rise in prices for black gold - 'no,'" he added.