Bloomberg News

N.Y. Oil Futures Rise Above $110 a Barrel for First Time Since May

March 01, 2012

Oil in New York rose above $110 for the first time since May in electronic trading after the floor closed on the New York Mercantile Exchange.

Futures in New York gained 1.7 percent in floor trading as U.S. officials escalated warnings that the nation may join Israel in attacking Iran to stop the development of nuclear weapons. The number of Americans filing first-time claims for jobless benefits fell to a level matching a four-year low. The Federal Reserve said yesterday that the housing market has shown improvement.

Crude for April delivery climbed as high as $110.55, up 3.3 percent from yesterday’s close and the highest price since May 4, after settling at $108.84.

Brent oil for April settlement climbed $3.54, or 2.7 percent, to $126 a barrel on the London-based ICE Futures Europe exchange, then rose as high as $128.40 after the settlement.

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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