A string of supply concerns sent crude prices surging, resurrecting the prospect of a return to 100/bl oil. US cash benchmark March WTI was up by 7.35/bl to close at 95.46/bl on 14 February, and Atlantic basin marker North Sea Dated was 7.52/bl higher at 95.93/bl. A public row between ExxonMobil and Venezuela grabbed the headlines. Venezuelan president Hugo Chavez threatened to cut crude supply to the US in general, but only ExxonMobil was targeted. The threat was largely empty, resulting in the diversion of 40,000 b/d of Venezuelan supply from ExxonMobil.
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