OIL JUMPS AS LE­BANON EX­PLO­SION SPARKS FEARS

National Post (National Edition) - - FINANCIAL POST -

Oil climbed to the high­est level in nearly two weeks after an ex­plo­sion at Le­banon’s main port rocked the cap­i­tal Beirut, stok­ing fears over in­sta­bil­ity in the re­gion. U.S. bench­mark crude fu­tures climbed 1.7 per cent on Mon­day. Footage showed what ap­peared to be a fire, then a larger ex­plo­sion as an enor­mous cloud of smoke en­gulfed the area around the Port of Beirut. Au­thor­i­ties say it was caused by highly ex­plo­sive ma­te­ri­als at the port, but didn’t im­me­di­ately say whether it was an ac­ci­dent or an at­tack. Mean­while, an­a­lysts’ ex­pec­ta­tion of a de­cline in U.S. crude in­ven­tory lev­els in this week’s gov­ern­ment re­port re­leased on Wed­nes­day is also help­ing to buoy crude prices. “Ten­sions are high and that just kind of puts a fine point on it,” said John Kil­duff, a part­ner at Again Cap­i­tal LLC.

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