The continuing unrest in France, spurred by the threat of sweeping reforms of the national pension system, has boosted crude oil futures as refineries and oil ports remain shut.
The French president, Nicolas Sarkozy, is trying to push reforms which will raise the retirement age for some workers from 60 to 62, and the resistance has been fierce. The nation's public-sector unions wield a significant amount of influence, and they're able to bring the economic life of the country grinding to a halt.
The strikes have sent French consumers into a panic about the availability of fuel in the nation.
"For the domestic consumer, the question is how secure are supplies," Lawrence Eagles, head of oil research at JPMorgan, told the Financial Times. "We have seen areas where shortages are developing. But some of that is panic buying."
On the IntercontinentalExchange, Brent crude oil futures rose 2.24 percent to $84.34 per barrel. The West Texas Intermediate light, sweet crude oil futures – which more closely track U.S. supply and demand – gained 2.061 percent to $82.69 per barrel.
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