SINGAPORE (Commodity Online) : Global oil prices continued to get enough support from North African and Middle East crisis as popular protests are reported from another major oil nation, Oman.
Light sweet crude for April delivery was seen trading at $99.64 a barrel at 12.30 p.m Singapore time while Brent crude was at $ 113.91 a barrel in London.
Analysts said the black gold will break the $100 a barrel mark later Monday on fresh concerns of supply disruptions after crisis extended as far to Oman, regions largest non-OPEC member.
Two Omani demonstrators were killed and several were wounded in clashes with police on Sunday while Libya continued to burn as stubborn Gadhafi cling on to power despite massive global and domestic pressure.
Meanwhile, regions major producer Iran urged OPEC, especially Saudi Arabia, to refrain from any unilateral hike in oil output, saying current crude production was enough to meet any shortages arising over the unrest in Libya.
Oil rose to $103.41 a barrel on Feb. 24, the highest intraday price since Sept. 29, 2008. The spread between April New York futures and London’s Brent contract for the same month widened today to $14.22 a barrel from $10.36 on Feb. 21.
