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Oil could hit $220 a barrel on Libya and Algeria fears, warns Nomura

Telegraph

By Ambrose Evans-Pritchard
8:50PM GMT 23 Feb 2011

Nomura’s commodity team said oil prices risk vaulting to uncharted highs over coming weeks if chaos hits Algeria as well, reducing global spare capacity to the wafer-thin margins seen just before the first Gulf War.

On Wednesday, Brent crude rose more than 5pc to almost $112 a barrel, threatening levels that could derail the global economy. It closed at $111.25.

Click to read more Oil could hit $220 a barrel on Libya and Algeria fears, warns Nomura


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