Oil rose in London for the first time in three days for Introducing brokers, on concern that political upheaval in Egypt remains unresolved and may threaten supplies of crude from the Middle East.
North Sea Brent traded around $100 a barrel, extending its premium over futures in New York to the widest in three days. Hedge funds had raised bullish bets on oil by the most in eight weeks on concern the unrest would spread. Oil recouped earlier losses today as equities climbed for a fourth day in Europe on growing signs of economic recovery in Forex trading.
Brent crude for March settlement climbed as much as $1.07, or 1.1 percent, to $100.90 a barrel on the London-based ICE Futures Europe exchange. It traded for $100.47 a barrel as of 1:01 p.m. local time. On Feb. 4 it slid 1.9 percent to end at $99.83. On the New York Mercantile Exchange the March contract was up 22 cents at $89.25 a barrel. Nymex futures settled at $89.03 on Feb. 4, the lowest since Jan. 27, and are up 24 percent in the past year.
European equities climbed to their highest levels since September 2008 and U.S. stock futures advanced as investors bet that the recovery in the global economy is strengthening.
New York futures earlier fell as much as 0.6 percent after Egyptian Vice President Omar Suleiman and some members of the opposition agreed yesterday on steps to resolve the crisis.