11 Feb '11, 9pm

Oil prices mixed after Mubarak resigns

Oil prices mixed after Mubarak resigns

NEW YORK - Oil prices fell sharply in New York but edged higher in London after Egyptian President Hosni Mubarak was forced out of office after more than two weeks of massive protests calling for his ouster. New York's main contract, light sweet crude for March, settled at $85.58 dollars a barrel, shedding $1.15 from Thursday's market close. But in London, Brent North Sea crude for delivery in March rose 56 cents to finish at $101.43 a barrel. "It was another volatile day for oil prices as the market absorbed renewed unrest in Egypt and then Mubarak's resignation all on expiration of March Brent futures," BMO Capital Markets analysts said in a client note. The benchmark New York contract, West Texas Intermediate, had plunged sharply on the news. By the end of the session WTI was testing a key support at $85, they said. "If risk increases the market buys the Brent and sells...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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