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 ?xml:namespace>
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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