Brent crude gained as much as 1.3 percent as Libyan leader Muammar Qaddafi sent troops to recapture towns in western Libya and prepared to quash protests in the capital, Tripoli, while rebels fought for control of oil ports on the country’s central and eastern coastal strip. A U.S. government report today showed employers added workers last month while the unemployment rate declined to its lowest level in almost two years.
“The Middle East-North Africa price risk continues to be on the upside and economic support from the U.S. should also be strong,” Bjarne Schieldrop, chief commodities analyst at Stockholm-based consultants SEB Commodities Research, said in a note today. “We thus hold a bullish view for the day.”
Brent crude for April settlement rose as much as $1.51 to $116.30 a barrel and was at $115.74 at 1:42 p.m. on the ICE Futures Europe exchange in London. The contract has gained 3.2 percent this week. Crude for April delivery on the New York Mercantile Exchange was up $1.18 at $103.09 a barrel, headed for a 5.3 percent gain this week.
Oil fell as much as 2.1 percent in New York yesterday after Venezuelan President Hugo Chavez offered to mediate the conflict in Libya, which has reduced supplies from Africa’s third-largest producer. Fighting has cut crude production in the North African country by as much as 1 million barrels a day, according to the International Energy Agency. Libya pumped 1.6 million barrels a day in January, according to Bloomberg estimates.
U.S. Demand
Prices also rose on signs the U.S. economy is gaining strength and fuel demand is recovering. U.S. employers added 192,000 workers in February, amid an improving economy and more seasonable weather, and the unemployment rate unexpectedly declined to 8.9 percent, the lowest level since April 2009, the Labor Department said today in Washington. Government data Published yesterday showed. Service industries expanded in February at the fastest pace since 2005 and fewer Americans unexpectedly filed claims for jobless benefits.The turmoil in the Middle East also pushed up oil products prices in Europe. Jet fuel, diesel and gasoline surpassed $1,000 a metric ton in Europe for the first time in more than two years. Jet fuel traded at $1,055 a ton yesterday in the Amsterdam-Rotterdam-Antwerp oil-trading hub, bringing its advance this year to 28 percent, according to data compiled by Bloomberg. Premium gasoline rose to $1,025 a ton while diesel in the Mediterranean region jumped to $1,001 a ton on March 2.
Regional Protests
Demonstrations have toppled leaders in Tunisia and Egypt, while there have been protests in countries including Iraq, Iran, Yemen and Oman. In Saudi Arabia, the biggest oil producer in the Organization of Petroleum Exporting Countries, websites have called for a nationwide “Day of Rage” on March 11 and March 20, according to Human Rights Watch.In Yemen today, tens of thousands of protesters were pouring into Change Square in the capital, Sana’a, calling for an end to President Ali Abdullah Saleh’s three-decade rule.
Prices closed at the highest since September 2008 on March 2 after Iranian protesters clashed with security forces in Tehran while demonstrations escalated in Oman. Iran is the second-biggest producer in OPEC and Oman is the largest Middle East producer outside the group.
Oil prices may rise further next week as civil unrest in the region fuels concerns of prolonged supply disruption. Twenty-four of 43 analysts, or 56 percent, forecast crude oil will climb through March 11, a Bloomberg News survey showed. Twelve respondents, or 28 percent, predicted prices will decline and seven estimated little change.
“I can’t see any reason for oil prices to be lower while there is unrest in the Middle East,” said Michael Hewson, market analyst at London-based CMC Markets, which handles more than $150 million a day in U.S. crude contracts.
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