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This is an archive article published on April 9, 2011

Oil holds above 124 on Libya conflict

It looks like some of the fields in Libya are starting to be the target for military strikes

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Oil hit a 32-month high above 124 on Friday after attacks on Libyan oil fields raised the prospect of long-term supply cuts,with commodities in general rising on optimism global economic recovery will fuel demand.

Ongoing unrest in the Middle East and concerns postponed elections in Nigeria could spark a new wave of militant violence and disrupt supply also contributed to the bullish mood in the market.

It looks like some of the fields in Libya are starting to be the target for military strikes which is worrisome because it means we have a risk of losing more crude for longer, said Christophe Barret,analyst at Credit Agricole. Brent was up 1.49 to 124.16,after earlier touching 124.45,a level last seen in August 2008. US crude climbed 1.34 to 111.64,just below an intra-day peak of 111.68 last reached in Sept 2008.

 

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