Friday 4 March 2011

Oil climbs higher on Libya conflict, Saudi protests | Reuters

Crude oil rose over $1 on Friday, with Brent pushing towards $116, as fighting in Libya intensified with fresh reports of air strikes, and on protests in Saudi Arabia's oil-producing Eastern Province.

By 0858 GMT, Brent crude futures for April delivery were up $1.16 to $115.95 a barrel. U.S. crude futures for April rose 86 cents to $102.77 a barrel, but earlier had rallied over $1 to touch $103.03 a barrel.

Investors and traders have been nervously tracking the progression of the civil unrest in North Africa and the Middle East for any sign that Saudi Arabia, OPEC's leading oil producer, would be affected.

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