Crude rises $1/bbl on increasing Middle East tension

09 October 2012 13:16  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Tuesday to take Brent crude on ICE Futures close to $113.00/bbl on the back of escalating violence between Syria and Turkey, raising concerns of supply disruptions from the Middle East.

However, the upward trend was limited by the Saudi oil minister saying that the OPEC producer wanted oil prices to fall and would take steps to moderate them, pumping as much oil as their customers needed.

By 11:45 GMT, November Brent crude had hit a high of $112.92/bbl, a gain of $1.10/bbl from Monday’s close of $111.82/bbl, before easing back to around $112.85/bbl.

At the same time, November NYMEX light sweet crude futures were trading around $90.15/bbl, having hit a high of $90.33/bbl, a gain of $1.00/bbl from the previous close of $89.33/bbl.

By: Tony Dillon
+44 20 8652 3214

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