CRUDE OIL SURGES ABOUT 1.5% ON WEEK’S LAST TRADING SESSION
Date: 24/3/2012
Crude oil prices surged around one and half a percent on last trading session of the week as supply side concerns intensified prompting investors to build hefty positions in the commodity after reports showed that Iranian oil exports plunged sharply by around 300,000 bpd or 14% in March as some buyers scaled back imports to avoid Western sanctions aimed at slowing Tehran's nuclear programme. While the depreciation in American greenback against a basket of currencies also underpinned risk appetite for the dollar denominated crude for holders of the currencies.
Benchmark crude for May delivery surged $1.52 or 1.44% to $106.87 a barrel, after trading as high as $108.25 as low as $105.16 an ounce on the New York Mercantile Exchange. In London, May delivery Brent crude soared $1.99 or 1.62% to end at $125.13 a barrel on the ICE.
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