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Global crude futures rose by more than $1/bbl

February 21/2011

(ICIS) -- Global crude futures rose by more than $1/bbl (?0.73/bbl) on Monday because of worries over supply disruptions from Libya, analysts said on Monday. The crude surge was likely to continue amid lingering concerns over the spread of political unrest in the Middle East and further monetary tightening by China, they added.

Brent crude futures were up by $1.19/bbl at $103.71/bbl, while WTI crude rose by $1.15/bbl to $87.35/bbl at 12:20 hours GMT on Monday, ICIS data showed.

The hike was fuelled by concerns over the protests in OPEC member Libya, where crowds called for the countrys veteran leader, Col Muammar Gaddafi, to step down.

Anti-government protestors on Sunday rallied in the Libyan capital, Tripoli, seizing military bases and weapons as army units defected to the opposition, according to media reports.

Libya has the largest proven oil reserves in Africa, with 44bn bbl as of January 2010, according to the US Energy Information Administration.

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