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(ICIS) -- Brent crude futures spiked more
than USD 2/bbl (EUR1.5/bbl) on Monday on heightened concerns about global oil supply
disruption amid unabated political upheavals in Libya and in other parts of the
Middle East and North Africa. There were concerns that the political unrest
could spread to other major oil-producing countries.
At 04:33 GMT, April Brent crude on London’s ICE futures was trading at USD114.32/bbl, up USD2.18/bbl from the previous close, while WTI crude was up USD1.74/bbl at USD99.62bbl.
Brent crude jumped to as high as USD119.79/bbl on 25 February before
retreating. Crude prices settled off highs late last week on reports that Saudi
Arabia had increased its output to compensate for the reduction in Libya’s crude
production.
Foreign oil companies with operations in Libya such as Italy’s ENI and
UK’s BP halted some operations because of the political uprising and the
violence that ensued.
Political chaos continued in Libya over the weekend, with the country’s
leader Muammar Gaddafi vowing to cling on to his 41-year rule despite the
massive public protests.
mrcplast.com
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