Oil prices rose this evening as Middle East and North Africa tensions offset China's bank reserve rate hike and kept trading volatile.
Gains by US March crude contract, ahead of its expiration next Tuesday, were surpassed by April prices that jumped above $90 a barrel.
US crude for March delivery rose $1.03 to $87.39 a barrel, while US April crude surged $1.68 to $90.52 a barrel. Brent crude rose 23 cents to $102.82, bouncing off an earlier $100.73 low. Wednesday's Brent peak of $104.52 was the highest since September 2008.
Focus on Middle East tensions was heightened as Egypt reportedly approved the passage of two Iranian warships through the Suez Canal.
Iran's sending navy ships through the canal prompted Israel's foreign minister earlier this week to call the move 'provocative'.
Deadly clashes broke out between protesters and government supporters in Libya, Bahrain and Yemen. Meanwhile, China continued its battle with inflation by increasing bank reserve requirements, reviving concerns about curbed oil demand growth.
