22 March 2011 15:22 [Source: ICIS news]
LONDON (ICIS)--NYMEX light-sweet crude futures gained more than $1/bbl on Tuesday to take the expiring front-month April contract above $103/bbl as a result of the escalating military action in enforcing the UN-sanctioned no-fly zone over Libya, heightening fears of prolonged supply disruptions
By 14:55 GMT, April NYMEX crude had hit a high of $103.40/bbl, a gain of $1.07/bbl from the previous close of $102.33/bbl, before easing back to around $103.25/bbl.
At the same time, May Brent crude on the ICE futures exchange was trading around $115.35/bbl, having hit a high of $115.50/bbl, a gain of $0.54/bbl from the previous close.
Read Paul Hodges’ Chemicals and the Economy blog
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