23 February 2011 10:42 [Source: ICIS news]
SINGAPORE (ICIS)--Brent crude prices rose by more than $1/bbl (€0.73/bbl) on Wednesday on heightened concerns that ?xml:namespace>
At 09:20 GMT, April Brent on
April NYMEX light-sweet crude futures were trading at $96.06/bbl up 64 cents/bbl from the previous close. Earlier, the contract hit $96.25/bbl - the highest level since early October 2008.
On Monday, the political turmoil in
The ongoing violence in
On Tuesday, European oil companies ENI and Repsol halted oil production in
Earlier this week, Wintershall, the oil and gas exploration subsidiary of BASF, announced that it would halt its oil production in
In a statement on its website, the IEA said it “…stands ready, as always, to make oil available to the market in the event of a major supply disruption if alternative supplies cannot readily be made available via normal market mechanisms”.
“At present, we are not in a situation where that is necessary. However, we are monitoring the situation closely and on an ongoing basis,” the organisation added.
According to IEA data, Europe receives over 85% of
An additional 150,000 bbl/day of crude oil from
($1 = €0.73)
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