Egypt unrest pushes Brent crude above $100/bbl

31 January 2011 16:48  [Source: ICIS news]

LONDON (ICIS)--Brent crude on the ICE futures exchange broke above $100/bbl on Monday for the first time since October 2008 as a result of concerns that the political unrest in Egypt could lead to oil supply disruptions.

Although shipping operations through the Suez Canal were reported to be operating normally at present, there were also concerns regarding crude throughput via the Sumed pipeline.

By 16:25 GMT, March Brent crude had hit a high of $100.05/bbl, a gain of $0.63/bbl from the previous close of $99.42/bbl, before easing back to around $99.75/bbl.

At the same time, March NYMEX light, sweet crude futures were trading around $90.10/bbl, having hit a high of $90.87 over the weekend, a gain of $1.54 from the previous close.

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By: Tony Dillon
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