LP:Brent oil price tops $108 as crude sails higher on Egypt tensions
Brent crude oil futures continues to defy a stronger dollar on Wednesday as oil prices sailed higher, propped up by tensions surrounding Egypt’s Muslim Brotherhood who have rejected a timetable for new elections in the country which could see further unrest play out.
Latest Brent Oil Price
In London, Brent crude oil futures for August 2013 delivery was trading at $108.11, 10:47 GMT this morning on the ICE Futures Exchange. Meanwhile, US Light crude oil futures traded above $104 a barrel and the spread between global benchmark Brent crude oil and the US benchmark WTI narrowed by 89 cents to under $4.00 a barrel.
“WTI was a lot less attractive before being in contango versus Brent being in backwardation, and was out of favour, as an investment compared with Brent, but now investors are coming back in,” said Tony Nunan, a risk manager at Mitsubishi Corp.
