Saturday, February 12, 2011

Brent crude at highest weekly level since Sept. '08

(Reuters) - Brent crude oil futures ended higher on Friday, posting the highest weekly closing price for a front-month Brent contract since the week to Sept. 26, 2008.

Brent crude futures stayed up despite the departure of Egypt's President Mubarak as Brent oil was more vulnerable to supply risks, should tensions spread across the Middle East, traders said.

In London, ICE Brent for March delivery LCOH1 expired and settled at $101.43 a barrel, gaining 56 cents on the day, after trading from $100.43 to $102.03.

For the week, Brent crude futures rose $1.60, or 1.6 percent, gaining for the third week in a row. At the close, Brent crude's premium against U.S. benchmark West Texas Intermediate was at $15.85, rising from $14.14 on Thursday, after surging to a record $16.24. (Reporting by Gene Ramos)

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