02 July 2013 16:36 [Source: ICIS news]
LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Tuesday to take the August contract above $99.00/bbl for the highest front-month contract level since September 2012, on the back of growing concerns over the political situation in the Middle East.
The Egyptian army has given Egyptian President Mohammed Morsi a deadline to resolve the anti-government demonstrations.
Meanwhile, production of Libyan crude has again been cut by about one-third after protesters shut down several oilfields and loading terminals.
By 14:30 GMT, August NYMEX crude had hit a high of $99.17/bbl, a gain of $1.18/bbl from the Monday close of $97.99/bbl, before easing back to around $99.00/bbl.
At the same time, August Brent crude on ICE Futures was trading around $103.70/bbl, having hit a high of $103.89/bbl, a gain of 89 cents/bbl from the previous close of $103.00/bbl.
($1 = €0.77)
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