Crude futures are continuing to power higher as traders digest the impact of sanctions on Russia, with the front-month Brent and WTI contracts rising by around 7pc trading to exceed $110/ bl for the frst time since 2014. April Nymex light sweet crude futures rose by $7.19/bl to settle at $110.60/bl, the highest settlement recorded since 3 May 2011. WTI traded as high as $112.51/bl earlier in the day. The May Brent contract rose by $7.96/bl to close at $112.93/bl, the highest settlement recorded since 27 June 2014. The May Brent-May WTI spread widened to $5.87/bl.
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