• Oil rose

Market news

13 November 2013

Oil rose

Brent crude climbed, extending its premium over West Texas Intermediate to a seven-month high, as recurring unrest in Libya disrupted the country’s oil exports.

Futures rose as demonstrators at Libya’s Hariga port stopped a tanker from loading, said Mohamed Elharari, a spokesman for state-run National Oil Corp. Iran and six world powers ended a meeting over the weekend without coming to an agreement on the nation’s nuclear program. WTI has fallen for the past five weeks as U.S. inventories surged.

Brent oil for December settlement, which expires tomorrow, increased $1.39, or 1.3 percent, to $107.20 a barrel on the London-based ICE Futures Europe exchange at 11:11 a.m. New York time. The more-active January contract rose $1.36, or 1.3 percent, to $106.90. The volume of all futures traded was 13 percent higher than the 100-day average.

WTI for December delivery advanced $1.41, or 1.5 percent, to $93.45 a barrel on the New York Mercantile Exchange. The contract tumbled $2.10, or 2.2 percent, to $93.04 yesterday, the lowest settlement since May 31. Volume was 24 percent above the 100-day average.

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