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Global crude futures rose sharply on Monday

March 21/2011

(ICIS) -- Global crude futures rose sharply on Monday, gaining more than USD 2/bbl (EUR 1.05/bbl) before easing slightly, after the US and other western governments began a military offensive against Libya, fuelling fears of further supply disruptions in the region. Worries over protests, which are calling for governmental and political reform in key oil producer Saudi Arabia, Yemen and Syria, also fuelled the hike in oil futures.


At 05:39 GMT, May Brent on Londons ICE futures was trading at USD 115.60/bbl, up USD 1.67/bbl on the previous close, after earlier rising to a session high of USD 116.22/bbl.


April NYMEX light-sweet crude futures were trading at USD 102.95/bbl, up by USD 1.88/bbl from the previous close, after previously climbing to an intra-day high of USD 103.35/bbl. US President Barack Obama on Saturday authorised a military campaign against Libya, but said that the US would not send ground forces to Libya, according to media reports.


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