Oil rose to settle at its highest level since August 2008 on Wednesday, a price near $102.60 a barrel, after an airstrike near Libya's oil infrastructure raised more fears the OPEC nation's oil sector could become a target in embattled leader Muammar Gaddafi's efforts to hold power.

News of the strike in Brega, near to Libyan oil terminal, added to two weeks of fears the unrest could spill over into other large oil producers in the region. Oil markets remained focused on the turmoil in the Middle East, which could signal another threat to global oil supplies after the Libyan revolt cut exports.

As for today, traders should first and foremost follow the developments in the Middle East, as this issue will continue to impact oil prices in the near future. Traders are also advised to follow the U.S. Unemployment Claims report, which is scheduled for today at 13:30 GMT, as this report tends to have a direct impact on the market.