SINGAPORE: Oil prices extended their rally on Thursday, with Brent rising above $118 a barrel as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries, while U.S. crude stocks fell to multi-year lows.
Brent crude futures rose as high as $118.22 a barrel, the highest since February 2013. The contract was at $116.60 a barrel, up $3.67, or 3.2%, by 0415 GMT.
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