WoW GoldCrude futures rose above $ 103/bbl in Asia trade on Friday after the Security Council authorized military strikes on Libya, and said the U.S. authorities and European air strikes against Colonel Muammar Gaddafi forces was possible "within hours."
On the New York Mercantile Exchange, light, sweet crude oil futures traded over $ 103.25 in April 2309 GMT a barrel, $ 1.83 cents on Globex electronic session. Oil hit an intraday high of $ 103.47, while the UN decision was known.
The oil market will begin to focus on the tensions in the Middle East and North Africa, particularly Libya, which pumped 1.65 million barrels of crude a day before the revolt against the rulers, and Colonel Muammar Gaddafi.
About two thirds of Libya's oil production is not connected, while fighting between rebels and soldiers loyal to Gaddafi intensifies in the east. Egypt's military began sending weapons to the Libyan border to the rebels with the knowledge of Washington, U.S. officials and rebels in Libya told the Wall Street Journal.
The UN resolution was taken by traders as a sign that tensions are rising. The Pentagon is developing military options "serious" attacks against ground targets and air if the order of the White House, including U.S. defense officials.
"It's still a very volatile market environment where the daily price fluctuations in both directions as far as 3-4% can easily grow out of fresh securities in Japan and the Middle East," said Jim Ritter Busch , president of oil trading consultancy Ritter Busch & Associates.
Elsewhere, troops were sent to Saudi Arabia to Bahrain to help contain the protests, creating a potential flashpoint as other neighboring countries also compete for influence in the small kingdom of Iran. Analysts fear that the Saudi intervention to tighten the relationship between world oil production and U.S.
Oil was supported by signs that Japan has made progress in the fight against a nuclear crisis that has stoked fears that any resumption of the earthquake and devastating tsunami a week ago could take longer than thought. Japan has quantified the additional demand that can be placed in the oil markets as ramps regional imports, including oil, for use in power generators.WoW Gold Cheap
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