Brent and WTI oil futures are rallying strongly in electronic trading Sunday night on reports Iran has stopped exporting crude oil to British and French companies. According to news reports, Iran's oil ministry spokesman said the country will give its crude oil to new customers instead of UK and French companies.
March Brent crude climbed 1 percent to over $120 a barrel, while March WTI futures jumped 2 percent to trade at over $105 a barrel on the CME Group Globex electronic trading platform.
"The news from Iran served as a catalyst for the spike, but thin trading is exacerbating the volatility," says trader John Netto of M3 Capital. "Also the EU ministers agreeing Greek rescue package is adding to the risk on sentiment."
Trading volume is low in this Sunday evening electronic trading session ahead of the President's Day holiday.
Open outcry trading of energy and metals futures and options on the NYMEX trading floor is closed Monday. Electronic trades on the CME Globex electronic platform on Sunday night and Monday are for Tuesday, February 21 trade date.
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