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| Oil price jumps due to Middle East protest worries | |
| (about 14 hours later) | |
| The price of certain grades of oil - including the UK's Brent crude - has jumped amid political protests in the Middle East. | The price of certain grades of oil - including the UK's Brent crude - has jumped amid political protests in the Middle East. |
| Brent rose by $3.36 (£2.09) a barrel to $104.30 (£65.07) for April delivery, its highest since September 2008. | Brent rose by $3.36 (£2.09) a barrel to $104.30 (£65.07) for April delivery, its highest since September 2008. |
| The US benchmark oil, West Texas Intermediate (WTI) rose by a far smaller 25 cents to $85.84 a barrel. | The US benchmark oil, West Texas Intermediate (WTI) rose by a far smaller 25 cents to $85.84 a barrel. |
| The gap between the two prices has been at record levels recently, partly because stocks of WTI are high. | The gap between the two prices has been at record levels recently, partly because stocks of WTI are high. |
| Seasonal maintenance of some refineries is also causing spikes in certain grades of crude oil. | Seasonal maintenance of some refineries is also causing spikes in certain grades of crude oil. |
| There is concern that the recent toppling of regimes in Tunisia and Egypt is prompting further instability in the Middle East and North Africa, which together account for more than a third of the world's oil. | There is concern that the recent toppling of regimes in Tunisia and Egypt is prompting further instability in the Middle East and North Africa, which together account for more than a third of the world's oil. |
| Protests have also taken place in Yemen, Algeria and Iran. | Protests have also taken place in Yemen, Algeria and Iran. |
| Christopher Bellew, a broker at London's Bache Commodities said: "We're staying up because of the continued risk of further unrest in the Middle East." | Christopher Bellew, a broker at London's Bache Commodities said: "We're staying up because of the continued risk of further unrest in the Middle East." |