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OIL COLUMN – Crude back above US$108 amid rising tensions

Published: 23:55 22 Jul 2014 AEST

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Escalating geopolitical tensions have pushed crude oil prices back above US$108 per barrel.

As international news agencies switch between crises in Ukraine and Gaza risk premiums continue to flood back into oil markets.

Reduced oil supplies out of Libya and a forecast drop in America’s oil surplus were also behind the increasing price.

In London trading Brent Crude futures were up just over 30 cents per barrel changing hands a shade over US$108, whilst West Texas Intermediary futures dipped slightly to US$102.60.

Stockpile stats from the American Petroleum Institute are expected to show a near 3mln barrel draw for the last week. As usual the figures will give oil traders a steer on American fuel demand, and will be followed by corresponding stats from the US Energy Department.

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