Data provided by iNet BFA
Loading...
See More

Oil around $86 on Middle East protests

Feb 18 2011 09:42 Sapa

Related Articles

Oil above $85 amid Middle Est tensions

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

 

Singapore - Oil prices hovered above $86 a barrel on Friday in Asia as violent protests in the Middle East keep investors on edge about possible crude supply disruptions.

Benchmark crude for March delivery was down 18c at $86.18 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.37 to settle at $86.36 on Thursday.

Bahrain's leaders banned public gatherings and sent tanks into the streets on Thursday, intensifying a crackdown that killed five anti-government protesters and wounded more than 200. Bahrain is not a major oil-producing country, but it is strategically important to the US as home to the Navy's 5th Fleet.

There have also been anti-government protests in Iran, Algeria, Jordan and Libya following the ouster of regimes in Tunisia and Egypt. Iran is the world's fourth-largest oil producer. Algeria and Libya are also important crude suppliers.

"The rising fears about a huge change in the Middle East region, home to the world's largest oil and gas reserves and production, is providing support to prices," Barclays Capital said in a report.

In London, Brent crude for April delivery gained 6c to $102.65 a barrel on the ICE Futures exchange. Traders consider Brent better reflects events in Asia and the Middle East while the traditional benchmark oil, West Texas Intermediary, is currently influenced more by high US crude inventories and sluggish demand.

"The Brent market remains the more important gauge of Asian demand strength and geopolitical risk premium related to evolving civil developments in the Middle East," Ritterbusch and Associates said in a report.

middle east  |  egypt  |  commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

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

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

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