Oil Rose but Gains were Tempered

Oil prices strengthened yesterday. The front-month contract for WTI crude oil soared to as high as 109.15 before settling at 108.83, up +0.45%, while the equivalent Brent crude contract jumped to 123.67 before settling almost flat at 122.3. Fighting in Libya escalated with NATO attacking government troops with air strikes. The campaign hit the major Sarir oilfield and damaged a pipeline connecting the field to a Mediterranean port. Separately, Tropical Storm Risk, as UK weather forecaster, said 8 hurricanes, in which 4 will become 'major' systems, will be forming at the Atlantic basin during the storm season this year. It's expected that 2 of the 4 'major' systems will hit the US, with possibility of destroying oil facilities, during the period of June 1 and November 30.

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Oil Rose but Gains were Tempered