TP: Oil Extends Gains as Mubarak Refuses to Step Down
Singapore - World oil prices extended gains Friday after Egyptian President Hosni Mubarak refused to quit, threatening crude supply disruptions via Suez Canal.
Light sweet crude for march delivery was seen trading at $87.64 a barrel at 12.00 noon Singapore time while Brent crude was at $ Brent crude for March settlement was at $101.58 a barrel on the ICE Futures Europe exchange in London.
Analysts said concerns over crude oil supply disruptions via Suez Canal intensified after Mubarak refused to step-down and chances of the unrest spreading to other parts of the region, sparked up oil prices overnight.
Meanwhile, difference in oil prices between the WTI and London’s Brent crude rose significantly near $14 a barrel on Wednesday, just below all-time record of $15.11 a barrel.
Futures climbed as much as 1.2 percent overnight while Brent crude for March settlement climbed 0.7 percent.
WTI crude for March delivery on the New York Mercantile Exchange was barely changed, rising two cents to 86.73 dollars a barrel. In London, a barrel of the main March contract for Brent North Sea crude lost 95 cents to $100.87.
QNA
