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(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 London’s 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.
mrcplast.com
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