05 August 2011 11:28 [Source: ICIS news]
LONDON (ICIS)--Crude prices gained more than $2.00/bbl on Friday to take Brent crude on ICE Futures above $109/bbl after an explosion at an oil pipeline in Iran.
The explosion will cut flows of around 4,000 bbl/day, according to sources. Further details have been slow to emerge.
Although the effects of the explosion are supporting ICE Brent futures, NYMEX WTI values have been trading in negative territory for most of the morning because of concerns over the recovery of the US economy.
WTI prices moved briefly into positive territory on a number of occasions on Friday morning, but these were short-lived and prices quickly retreated.
By 09:30 GMT, September Brent crude had hit a high of $109.38/bbl, a gain of $2.13/bbl from Thursday’s close of $107.25/bbl, before settling around $108/bbl.
At the same time, September NYMEX light sweet crude futures were trading around $86.50/bbl, having hit a high of $87.09/bbl, a gain of $0.46/bbl from the previous close.
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