Crude up by $3/bbl as Libya, Bahrain violence prompts supply fears

17 March 2011 16:15  [Source: ICIS news]

LONDON (ICIS)--Oil prices gained more than $3.00/bbl on Thursday to take Brent crude on ICE Futures above $114.00/bbl as violence and civil unrest spreads through the Middle East and North Africa.

As well as the ongoing conflict in Libya, violent demonstrations have taken place in Bahrain, Saudi Arabia and Yemen, leading to concerns over supply disruptions.

By 16:00 GMT, May Brent crude had hit a high of $114.20/bbl, a gain of $3.60/bbl from the Wednesday close of $110.60/bbl, before easing back to around $113.70/bbl.

At the same time, April NYMEX light sweet crude futures was trading around $100.70/bbl, having hit a high of $100.78/bbl, a gain of $2.80/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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