04 October 2012 12:04 [Source: ICIS news]
LONDON (ICIS)--November ICE Brent crude oil futures rose on Thursday as tensions between Turkey and Syria escalated, threatening the security of supply from the Middle East.
Crude also recorded gains ahead of weekly jobs data from the US, which is expected to show a rise in employment indicating that the US economy is recovering. US stocks increased on Thursday morning ahead of the Wall Street open as a result.
By 09:54 GMT, the front-month November ICE Brent crude oil futures contract reached an intra-day high at $109.24/bbl, a gain of $1.07/bbl compared with Wednesday's settlement. The contract then edged a little lower to trade around $109.25/bbl.
At the same time, the front-month November NYMEX WTI crude oil futures contract was trading around $88.70/bbl, having touched an intra-day high at $88.76/bbl, a gain of 62 cents/bbl over the Wednesday settlement.
The security of oil supply from the Middle East is being threatened by mounting tensions between Syria and Turkey. Turkish artillery hit Syrian soldiers on Thursday after a Syria bomb killed Turkish civilians.
Tensions between the two neighbouring countries could disrupt supply of crude from the Middle East because a number of major oil pipelines, including the Kirkuk-Ceyhan pipeline, runs through Turkey.
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