|News||Crude jumps above $103 as UN enforces no-fly zone on Libya|
|Analysis||Crude traded above $102 per barrel today following recent news of the UN giving authorization for the no-fly zone over Libya, where traders’ fear that the conflict could further threaten oil exports.|
Crude today hovers around $102 per barrel recording its highest around $103.63 and lowest around $102.57, while currently trading around $102.70 per barrel.
The United Nation Security Council yesterday authorized a full offensive against Libya’s Muammar Gaddafi forces to stop him from further slaughtering more demonstrators by enforcing a no-fly zone over the region, where his forces have recently pushed back the rebel stronghold back to Benghazi advancing 80 miles from the city.
Crude yesterday traded around $101 per barrel recording its highest around $96.70 and lowest around $96.70 per barrel, closing around $101.94 per barrel. Futures rose yesterday due to ongoing political turmoil in the Middle East threatening most of the OPEC nation’s output by 1.6 million barrels.
As for NYMEX as of 05:22 EST; motor gasoline rose $0.69 recording $297.100 per gallon; heating is trading around $308.240 per gallon inclining $0.57; whereas natural gasoline climbed $0.36 to record $4.173. In London, Brent futures jumped $1.06 to record $116.120.