WTI Crude Touches 100 amid Libya Output Disruption
BonTradeOil prices rallied as tensions in Libyan has already caused production cut by around 25%. The market has increasingly worried about contagion to other OPEC countries, especially Saudi Arabia. The front-month contract for WTI crude oil prices initially touched 100, the first time since September 29, 2008, before settling at 98.1. Corresponding Brent crude contract surged above 112. Gold extended gains as driven by demand for safe-haven assets and strength in oil prices. The benchmark Comex contract rose for a 7th consecutive day and settled at 1414, up +0.92%.
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WTI Crude Touches 100 amid Libya Output Disruption
