Crude Surges To $100 On Mideast Turmoil
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With the crisis situation in the Middle East very fluid, the price of crude continues to march higher and has surpassed some key psychological levels.
Light, Sweet crude for April delivery is up $4.35 to $99.77 per barrel and is flirting with the key $100 level. Contracts for later months are trading above the $100 level.
April Brent crude is up $5 per barrel to $111.360. April WTI is up $4.20 per barrel to $99.60.
In Libya, governments around the world rushed to pull their citizens safely from the country as anti-government forces gain ground and now control a large part of the country. Ruler Muammar Qaddafi said he will fight until the drop of blood, but it appears this could come sooner rather than later as a number of army units and aides defect.
An analyst at Nomura Securities said today that crude prices could skyrocket to $220 per barrel under a worse-case scenario if Algeria joined Libya in revolt.
Light, Sweet crude for April delivery is up $4.35 to $99.77 per barrel and is flirting with the key $100 level. Contracts for later months are trading above the $100 level.
April Brent crude is up $5 per barrel to $111.360. April WTI is up $4.20 per barrel to $99.60.
In Libya, governments around the world rushed to pull their citizens safely from the country as anti-government forces gain ground and now control a large part of the country. Ruler Muammar Qaddafi said he will fight until the drop of blood, but it appears this could come sooner rather than later as a number of army units and aides defect.
An analyst at Nomura Securities said today that crude prices could skyrocket to $220 per barrel under a worse-case scenario if Algeria joined Libya in revolt.
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