LONDON:Brent crude oil strengthened above US$105 a barrel yesterday as a political showdown in Iraq and a warning from NATO of a probable Russian invasion of eastern Ukraine underscored political risks.
Brent was up 25 cents at US$105.27 a barrel by 1420GMT. The contract jumped more than US$1 to hit a weekly high USof $106.85 on Friday before settling 42 cents lower.
US crude was up 80 cents to US$98.45 a barrel.
“The market has become more complacent about supply again,” said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt. Reuters