Crude oil prices $0.26/bbl short of $100/bbl over Middle East worries

28 January 2011 18:33  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures were close to reaching $100/bbl on Friday when the March Brent contract hit a high of $99.74/bbl, $0.26/bbl from the $100/bbl mark seen for the first time in 2008.

Crude oil futures rallied on the back of a bout of short covering due to the unrest spreading across the Middle East, adding to earlier gains posted on some optimistic US consumer spending data.

At GMT 18:00, March Brent showed gains of more than $2/bbl to hit a high of $99.74/bbl from Thursday’s close, while March WTI gained more than $4/bbl to reach a high of $89.73/bbl.

($1 = €0.73)

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By: Giovanni Coiro
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