Brent Firmer on Middle East Trouble, ECB Eyed
Reuters
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Brent crude held near six-month highs above $117 on Thursday amid worries of further supply disruptions due to tension in the Middle East, while hopes Greece is inching closer to a debt deal and expectations of further easing from the European Central Bank gave support.
Front-month Brent [LCOCV1 117.69 0.49 (+0.42%) ] gained 61 cents to $117.81 a barrel, rising for an eighth straight day. U.S. light, sweet crude [CLCV1 99.31 0.60 (+0.61%) ] added 52 cents to reach $99.23 a barrel in its third day of increases.
“Instability in the (Middle East) region would see choppy Brent trading through 2012 as supply side fears continue to grab investors’ attention,” Andrey Kryuchenkov from VTB Capital said in a note. “Importantly though, it is exactly supply fears that underpin pri
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