Brent oil trading over $102, eyes on Middle East protests

16 February 2011 16 February 2011

BonTrade

Brent oil futures open today’s trading session back over $102 a barrel after a mixed session on Tuesday saw oil prices loose some ground, however Middle Eastern protests are still supporting oil prices.

Latest Brent Oil Price

In London, Brent crude oil futures for April 2011 delivery was trading at $102.10 a barrel, 08.00 GMT this morning on the ICE Futures Exchange.

Both Brent and WTI oil prices traded higher early on Tuesday on concerns that the regional unrest sparked by Egyptian President Hosni Mubarak’s resignation last week could disrupt crude supplies. Protests in recent days have spread to Iran, Bahrain and Algeria.

Brent crude up $1.44, or 1.4%, to settle at $101.64 a barrel at yestday’s close, however is firmer this morning.

Middle East Protests

In recent weeks, popular uprisings have toppled long standing regimes in Egypt and Tunisia. Anti government demonstrators are now holding protests Middle Eastern countries, including in Iran, Bahrain and Yemen.

On Monday, US Secretary of State Hillary Clinton praised the Iranian demonstrators as courageous. Hague urged Iran’s government to restrain itself from cracking down on protesters and to allow people to freely express their views.

However, on Tuesday, Russia’s foreign minister said that it can be “counter-productive” for the US and the West to encourage the spread of revolutions and pro-democracy protests in the Middle East.