Oil prices rose by over $2 a barrel on Monday as a wave of U.N.-mandated airstrikes on Libya and proliferating unrest in the Middle East fanned concerns about oil supply from the region.
Wall Street stock indexes were poised to rise more than 1 percent at the open on Monday as investors welcomed AT&T's proposal to buy T-Mobile from Deutsche Telekom.
Stock index futures indicated a Wall Street rise of about 1 percent at the open on Monday after last week's sell-off as investors welcomed a deal by AT&T to buy the T-Mobile business from Deutsche Telekom.
US stocks ended higher on Friday as sentiment was buoyed after Libya announced a cease-fire and the Group of Seven (G-7) Finance ministers agreed to intervene in the markets to stabilize the Japanese yen.
Stock index futures pointed to a strongly higher open on Wall Street on Monday, with futures for the S&P 500 up 1.2 percent, Dow Jones futures up 1 percent and Nasdaq 100 futures up 1.3 percent at 0907 GMT (5:07 a.m. ET).
Brent climbed to above $115 a barrel on Monday after western forces launched a military campaign against Libya, stoking fears that violence will intensify in North Africa and the Middle East, source of more than a third of the world's oil.
There was intense speculation on Monday about the whereabouts of Libyan leader Colonel Muammar Gaddafi after allied forces bombed his compound Sunday night, an action reminiscent of the 1986 attack by the U.S. on Gaddafi's compound in which his daughter was killed.
Oil prices jumped more than 2 percent to top $116 a barrel on Monday as Western forces launched air strikes on Libya, while Asian shares advanced on bargain hunting in the wake of heavy losses last week.
Asian shares advanced on Monday as market players scooped up beaten-down stocks after heavy losses last week, while oil prices jumped more than $2 as Western forces struck targets in Libya.
Brent climbed 1.5 percent on Monday toward $116 after western forces launched a military campaign against Libya, stoking fears that violence will intensify in North Africa and the Middle East, source of more than a third of the world's oil.
The Pentagon expects to hand over control of allied military operations in Libya in a matter of days, Defense Secretary Robert Gates said.
The Libyan military called for an immediate cease-fire as allied forces pounded convoys across the country.
U.S. stocks climbed higher Friday, as fears of increased violence in Libya ebbed and currency interventions helped to relieve investor worries over Japan's economy.
Investors already bruised by the Japan disaster now confront military air strikes on Libya and the prospect of rising oil prices, making it likely they will postpone any bold investment decisions.
The global economic impact from Japan's earthquake and nuclear crisis may go beyond the modest GDP hit most number crunchers predict.
Investors already bruised by the Japan disaster now confront military air strikes on Libya and the prospect of rising oil prices, making it likely they will postpone any bold investment decisions.
British, French and American jets conducted bombing and attack operations over Libya on Sunday to enforce a no-fly zone over the country meant to stop leader Muammar Gaddafi's forces from killing civilians as the Arab League criticized the assault, saying casualties among civilians had occurred nonetheless.
In response to airstrikes on his country by a coalition of western nations, Col. Moammar Gaddafi has threatened that Libya will fight a long war.
Oil prices may rise again on Monday as traders ratchet up the risk premium for crude after Western forces bombed Libya's air defenses in a United Nations-backed intervention against Libyan leader Muammar Gaddafi.
UN-sanctioned aerial and naval attacks on Libyan air defense and ground forces at the weekend are likely to see oil prices vault higher this week, overcoming demand-side jitters stemming from Japan's earthquake and Chinese monetary tightening.
As a coalition of western nations launch airstrikes on Libyan military targets, British Prime Minister David Cameron warned that the UK could face terrorist reprisals should Moammar Gaddafi’s regime somehow remains in power.
French fighter jets have bombed and destroyed a Libyan military target, marking the first act of enforcement of the United Nations mandate to impose a no-fly zone over Libya
