Brent jumps above $116 as U.N. approves action on Libya

[AlabamaLibrul]

Source: Reuters

Brent crude jumped by more than $1 to stand above $116 on Friday on fears of rising geopolitical tensions in the oil-rich Middle East and North Africa, after the U.N. approved military action to curb Libyan leader Muammar Gaddafi.

Front-month Brent rose $1.24 to $116.14 at 12:38 a.m. ET, after earlier touching a high of $116.50, while U.S. crude rose $1.60 to $103.02.

Last week's devastating earthquake in Japan, the world's third-largest oil consumer, shattered confidence across world markets and sent Brent to a three-week low near $107 two days ago.

But prices have recovered since then and are now less than $4 away from a 2-1/2-year high of almost $120 reached on February 24, when an uprising against Gaddafi shut down at least two-thirds of the country's oil output.


Read more: http://feeds.reuters.com/~r/reuters/businessNews/~3/gnTvd7NjmTQ/us-markets-oil-idUSTRE72D01W20110318

[nadinbrzezinski]

1. So glad I filled up today

4.50 coming up (california)