10 October 2012 16:29 [Source: ICIS news]
LONDON (ICIS)--November NYMEX WTI crude oil futures gained more than $1.00/bbl on Wednesday afternoon on the back of supply concerns from the Middle East.
By 14:40 GMT, the front-month November NYMEX WTI contract had touched an intra-day high of $93.43/bbl, a gain of $1.04/bbl compared with Tuesday's settlement. The contract then edged lower to trade around $93.24/bbl.
At the same time, the front-month November ICE Brent contract was trading around $114.66/bbl, having touched an intra-day high at $114.90/bbl, 40 cents/bbl above the previous settlement.
Supply concerns from the Middle East are mounting after Turkey’s military warned Syria that it will respond with greater force if violence continues to overspill into Turkish territory.
Crude oil shipments from the Middle East could be impacted if Turkey is dragged into the civil conflict in Syria since a number of important oil pipelines run through Turkey.
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