14 Feb '11, 9pm

Brent crude closes above US$103 a barrel in London

NEW YORK: Oil prices were mixed on Monday, as crude fell in New York but surged above $104 a barrel in London to fresh two-year highs on growing concern that Egypt-style unrest could spread in the Middle East. New York's main contract, light sweet crude for March delivery, shed 77 cents from Friday to close at $84.81. London's Brent North Sea crude for delivery in April soared above $104 a barrel before settling at $103.08, an increase of $1.65 from Friday's closing level. The session was marked by the widening of a record price gap between New York's benchmark West Texas Intermediate crude and Brent to about $18. Mike Fitzpatrick of the Kilduff Report said the growing WTI-Brent gap highlighted the abundant crude supply in the United States, where the Cushing, Oklahoma, depot is nearly full, and concerns about political turmoil in the Middle East. "Swelling stocks at Cushi...

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

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