Crude futures rise further on Iranian protests against sanctions

29 November 2011 16:27  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures extended gains on Tuesday to take Brent crude on ICE Futures to $111.00/bbl on the back of Italy’s successful bond auction and geopolitical tensions over Iran.

Iranian protesters stormed the British embassy in Tehran on Tuesday during a demonstration against fresh sanctions imposed last week to curb Iran’s nuclear program.

By 15:30 GMT, January ICE Brent crude had hit a high of $111.00/bbl, a gain of $2.00/bbl from Monday’s close of $109.00/bbl, before easing back to around $110.72/bbl.

At 15:30 GMT, January NYMEX light sweet crude futures were trading at around $99.46/bbl, having hit a high of $99.79/bbl, a gain of $1.58/bbl from the previous close of $98.21/bbl.

By: Kawai Wong
+44 20 8652 3214

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