04 Apr '11, 4pm

Brent oil price rises above US$120 a barrel in London

LONDON: Oil prices rose above $120 a barrel in London trade on Monday, for the first time in two and a half years, with the market nervous over the conflict in Libya and the region. Brent North Sea crude reached $120.63 a barrel just before 1600 GMT on the InterContinental Exchange (ICE) in London, its highest level since August 2008. Shortly afterwards a barrel of Brent was trading at $120.13 dollars, $1.43 up from its Friday close. "The troubles in the Middle East and North Africa continue to dominate the oil market, and are increasing concerns over supplies," said Myrto Sokou, analyst at Sucden Financial. Meanwhile New York's main contract, light sweet crude for delivery in May, was trading at $108.25 per barrel at 1615 GMT. Earlier in the day it hit $108.78 in Asian trading, its highest level since September 2008.

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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