Brent crude advanced to its highest intraday level in more than four months as worsening violence in Egypt fanned concern that Middle East oil supplies may be disrupted. West Texas Intermediate rose for a fifth day.
Futures climbed as much as 1.2 percent in London to the highest price since April 2. Egypt, whose Suez Canal is used by tankers carrying oil from the Middle East, declared a state of emergency as more than 500 people were killed after security forces broke up sit-ins. U.S. crude inventories fell by 2.8 million barrels last week, Energy Information Administration data show, almost double the drop forecast by analysts in a Bloomberg News survey.
Brent Crude Oil
West Texas Intermediate Oil
via Bloomberg
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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