Loading...
See More

Oil above $85 amid Middle Est tensions

Feb 17 2011 09:41 Sapa

Related Articles

Oil prices supported by Middle East tensions

Oil rises amid Middle East tensions

Oil climbs above $101 a barrel

Oil rises as tensions soar in Egypt

Oil rebounds, Brent crude above $102

Oil flat as Egypt tensions ease

 

Singapore - Oil prices hovered near $85 a barrel on Thursday in Asia on investor concern political upheaval in the Middle East could spread and disrupt crude supplies.

Benchmark crude for March delivery was up 4c at $85.03 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 67c to settle at $84.99 on Wednesday.

In London, Brent crude for April delivery gained 20c to $103.98 a barrel on the ICE Futures exchange.

Israeli Foreign Minister Avigdor Lieberman said on Wednesday that Iran was about to send two warships to Syria through the Suez Canal for the first time in years, but he offered no evidence. The Egyptian authority that runs the canal denied it.

Anti-government street protests which toppled rulers in Tunisia and Egypt this year have helped spark demonstrations in Iran, Algeria, Jordan, Bahrain and Libya. Iran is the world's fourth-largest oil producer while Algeria and Libya are also important crude suppliers.

"Repercussions from Tunisia and Egypt have yet to be felt in their entirety and we expect that in the coming months, events emanating from the Mideast will create significant volatility in the energy markets," said Richard D. Soultanian of NUS Consulting.

In other Nymex trading in March contracts, heating oil was steady at $2.77 a gallon and gasoline gained 0.3c to $2.55 a gallon. Natural gas futures were up 1.3c at $3.93 per 1 000 cubic feet.

egypt  |  suez canal  |  commodities  |  markets  |  oil
NEXT ON FIN24X

Oil prices down in Asia

2014-10-23 07:24

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...