Crude oil shoots back above $100

PTI Singapore | Updated on March 02, 2011

New York’s benchmark crude oil futures contract shot back above $100 a barrel in the Asian trade today as unrest in West Asia and North Africa continued to rattle the markets.

The contract for April delivery, known as West Texas Intermediate (WTI), climbed 63 cents to $100.26. The contract reached an all-time high of more than $147 a barrel in 2008.

Brent North Sea crude for delivery in April was up 70 cents at $116.12.

Oil prices have been soaring after popular uprisings toppled the leader of Tunisia in January, followed by long-time strongman Hosni Mubarak of Egypt in February.

Libyan leader Muammar Gaddafi is now fighting for his political life as a rebellion against his rule spread, while protests are rocking other parts of the oil-rich region, including Yemen and Oman.

Published on March 02, 2011

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