Oil Climbs to $104 as Middle East, Libyan Unrest Continues

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

The price of oil increased today as unrest in the Middle East and North Africa continues to put pressure on supplies. US crude rose by 61¢ to stand at $104.88, and Brent for May climbed 87¢ to $116 a barrel at 06.26 GMT, according to Reuters. In Libya, NATO members

The price of oil increased today as unrest in the Middle East and North Africa continues to put pressure on supplies.

US crude rose by 61¢ to stand at $104.88, and Brent for May climbed 87¢ to $116 a barrel at 06.26 GMT, according to Reuters.

In Libya, NATO members and Arab states continue to conduct air strikes on Libyan Government forces under a US mandate aimed at protecting civilians opposing Gaddafi.

Prices were also boosted by the global economic recovery, although this is threatened by the Japanese earthquake crisis earlier this month, which has resulted in the most turbulent and volatile quarter for the oil market since the end of 2008.