• Courage to do right

    A number of factors will impede Zuma’s opportunity to have a ‘Lula moment’, says Prof Dirk Kotze.

  • #Budget2016

    Possible steps that can be taken in the National Budget to avert a junk status.

  • No ordinary SONA

    A weak president presiding over a racially polarised nation faces a serious task.

All data is delayed
Loading...
See More

Oil prices jump above $103

Mar 18 2011 09:55
Sapa
ec

Singapore - Oil prices rose above $103 a barrel on Friday in Asia as traders worried the United Nation's authorisation of military strikes against forces loyal to Libyan leader Moammar Gadhafi could prolong the conflict and threaten oil exports.

Benchmark crude for April delivery was up $1.59 at $103.01 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $3.44 to settle at $101.42 on Thursday.

In London, Brent crude was up $1.24 at $116.14 a barrel on the ICE futures exchange.

The UN Security Council on Thursday authorized "all necessary measures" short of a ground offensive to stop Gadhafi forces from snuffing out a monthlong rebel uprising. This week, the government's superior firepower pushed rebels back to their eastern stronghold of Benghazi.

As his forces advanced to within about 130km of the city, Gadhafi said there would be "no mercy or compassion" for those who resist.

Fierce fighting in Libya has damaged oil operations and cut most of the Opec nation's 1.6 million barrels a day of crude output.

"The intensity of fighting and the targeting of oil facilities and installations has been a shock to many observers," Cameron Hanover said in a report. "This decision by the UN would seem to extend the fighting for a period of time."

Oil fell earlier this week to below $97 on investor concern last week's massive earthquake and tsunami in Japan would crimp crude demand as the world's third-largest economy struggles to recover. Attention then turned Thursday to Libya and a violent crackdown on anti-government protesters in Bahrain.

"The oil market is confused and in a state of roiling uncertainty," Cameron Hanover said.

In other Nymex trading for April contracts, heating oil was up 1.8c at $3.09 a gallon and gasoline added 2.5c to $2.98 a gallon. Natural gas fell 2.4c at $4.13 per 1 000 cubic feet.

opec  |  middle east  |  libya  |  commodities  |  markets  |  oil

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Will Jacob Zuma's State of the Nation speech help SA avoid "junk" downgrade?

Previous results · Suggest a vote

Loading...