Oil rose to two-and-a-half year highs yesterday. Brent crude pushed above $120 a barrel on geopolitical risks to supply along with expectations of growing demand after last week’s supportive US economic data.
Libya’s continuing conflict and unrest in Yemen could pose threats to supply in the Middle East, keeping Brent well supported, with Brent benchmark Forties cargo delays and Nigeria’s election delay adding to strength.
US crude trading was choppy after posting a two-and-a-half year high above $108 a barrel ahead of the open outcry trading session in New York. – (Reuters)
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