Algeria crisis drives crude up

AP/SCANPIX

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By News wires

 17 January 2013 16:42 GMT

Brent oil futures rose above $110 per barrel on Thursday as the Algerian gas field hostage crisis fuelled concern over security of supply from the region.

Concerns about a weak global economic outlook and falling US crude demand kept gains in check, Reuters reported.

"The market certainly expects that most of the international oil companies will withdraw personnel from oil and gas fields, affecting production," Christopher Bellew, analyst at oil brokerage Jefferies Bache told the news wire.

Brent futures rose $1.03 cents to $110.71 a barrel by 14:32 GMT, after hitting a high of $110.89 a barrel. The February contract, which expired on Wednesday, settled $0.31 higher, while the March contract finished $0.05 up. US oil rose $1.10 cents…

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