Friday, 25 March 2011

Brent crude oil nears $116, upside risks

Oil rose on Friday with Brent crude near $116, and analysts saw the risk of another price spike as unrest bubbled across the Middle East and western powers continued a military campaign in Libya.

Friday protests were planned in Yemen and Bahrain, and investors kept a close eye on Syria, where at least 37 have died following protests against the government of President Bashar al-Assad.

Western warplanes struck Libyan ground forces on Friday, pursuing a campaign that has yet to deliver a crippling blow to Muammar Gaddafi's tanks and artillery.

Brent crude for May rose 5 cents to $115.77 a barrel by 1035 GMT, about $4 from a 2-1/2-year high just below $120 reached a month ago. U.S. crude rose 20 cents to $105.80.

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