Oil Nears $105 On Middle East Unrest

24 March 2011 (Last Updated March 24th, 2011 18:30)

The price of oil remained near $105 today amid political upheaval in the Middle East. US crude was down by 19¢ to stand at $105.41 and Brent crude for May dropped 8¢ to $115.64 a barrel at 06.00 GMT, reports Reuters. In Bahrain, opposition activists are to hold a d

The price of oil remained near $105 today amid political upheaval in the Middle East.

US crude was down by 19¢ to stand at $105.41 and Brent crude for May dropped 8¢ to $115.64 a barrel at 06.00 GMT, reports Reuters.

In Bahrain, opposition activists are to hold a day of demonstrations today to defy a ban on public gatherings.

Elsewhere, NATO forces plan to enforce a no-fly zone over Libya following a round of UN-backed offensive to counter Muammar Gaddafi’s forces from launching attacks on civilians. OPEC members increased oil production to support the supply disruption from Libya, which usually produces about 1.6 million barrels of oil a day.

Yemen President Ali Abdullah Saleh’s forces clashed with army units backing opposition groups that want him to step down. In Syria, 37 people were killed in further protests.