The price of crude oil was hovering around $123 a barrel on Thursday, a slight decline from this week's record highs, which was mainly due to the strengthening of the US dollars against the Euro. According to the US Energy Information Administration, stockpiles in the world's biggest energy consumer were nearly 13% below what they were a year ago.

Tight power supplies in China, South Africa, Chile, Argentina and parts of the Middle East have set off a worldwide boom in demand for diesel for use in electric generators, adding to robust demand for use in Europe's passenger vehicle fleets.
Exxon Mobil started its crude oil exports from Nigeria on Wednesday, ending one of the factors that had helped lift oil above $120 a barrel.
The Bank of Namibia Governor, Tom Alweendo said last month that the price of Brent crude oil was expected to remain high for some time.
The implication for Namibia is that the prices of goods and services are expected to continue rising as transport inflation comes into effect.
Last month, the Minister of Mines and Energy, Errki Nghimtina said the international crude oil price had continued to rise as the US dollar strengthened against the Rand causing the average Rand/US Dollar exchange rate to depreciate thus affecting unit over/under recovery negatively.
During March, crude oil prices hovered between US$105 and US$107 a barrel driven by expectations of continued strength in global demand especially from major oil consumption countries like India, USA and China, and the ongoing geopolitical concerns including the militant attacks on Nigeria’s oil infrastructure. These factors impacted on import parity in a way that a higher margin of under-recoveries has been recorded in the local market. This led to the ministry to increase Walvis Bay fuel pump prices for petrol and diesel.
The price of 93 Octane Lead Replacement Petrol was increased by 50 c/l (retail), while the price of 95 Octane Unleaded Petrol went up by 50 c/l (retail). The price of diesel increased by 100 c/l (wholesale).
The current Walvis Bay pump prices are 93 Octane Leaded Replacement Petrol - N$ 8.04 per litre, 95 Octane Unleaded Petrol - N$8.06 per litre and Diesel - N$9.04 per litre.
Nghimtina is still adamant the fuel prices in Namibia are cheaper than those in South Africa from where Namibia imports most of her fuel products. He said last month that unleaded petrol and diesel were 7.5% and 1.5% higher in South Africa than in Namibia.
“Namibian consumers are reaping the benefits of lower prices of unleaded petrol and diesel in the Namibian fuel market compared to South African consumers,” he said.