21 February 2011 11:05 [Source: ICIS news]
(Adds updated pricing information.)
By Nurluqman Suratman and James Dennis
SINGAPORE (ICIS)--US crude futures climbed more than $3/bbl on Monday and Brent jumped to a two-and-a-half year high as growing protests in ?xml:namespace>
At 10:51 GMT, March NYMEX light, sweet crude futures were trading at $89.47/bbl, up $3.16/bbl from the previous close. Earlier, the
A softer US dollar and short covering ahead of the expiry of the March NYMEX WTI contract on 22 February added further upward pressure to prices. The
April Brent on
A strike has halted output from
UK-based energy firm BP has also announced that it has suspended preparations for an oil and gas exploration-drilling programme in western
BP does not presently produce hydrocarbons from
Crude prices may surge further amid the spread of political unrest in the Middle East and north
Oil revenues accounted for more than 95% of
The vast majority of
At the height of the political upheaval in
Oil supply concerns grew stronger after protests erupted in other parts of the Middle East and north Africa following the ouster of Egyptian President Hosni Mubarak, who ruled the country for 30 years.“As long as these protests continue in the oil-producing countries in the Middle East as well as
WTI crude prices were expected to average “at the mid-$90s/bbl” in 2011, he added.
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