LONDON, Oct 10: Global oil prices soared to three-week peaks on Wednesday, reversing earlier losses as traders focused once more on supply worries linked to simmering tensions in the crude-rich Middle East.

In afternoon London trade, Brent North Sea crude for delivery in November raced as high as $115.59 per barrel. It later stood at $114.79, up 29 cents from Tuesday’s closing level.

New York’s main contract, West Texas Intermediate (WTI) or light sweet crude for November, jumped as high as $93.66 before pulling back to $92.59, down 19 cents.

Oil had already rallied by about $3 on Tuesday, with Brent oil striking a three-week high point on heightened concerns that the Syrian conflict could spread to Turkey.

“Crude oil is again firmer,” said GFT Markets analyst Fawad Razaqzada on Wednesday.

“Both Brent and WTI ...look set to push further higher. Judging by the reaction of equities, one can only assume this rally is mostly due to raised supply-side concerns arising from the Middle East than anything else.”

“At the moment, supply worries are certainly outweighing demand concerns,” added Razaqzada.—AFP

Updated Oct 11, 2012 02:11am

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