Oil Rises to $107 a Barrel

31 March 2011 (Last Updated March 31st, 2011 18:30)

Oil prices climbed to $107 a barrel today as investors look forward to a positive US March payroll report, due later today, for insights into US oil demand. US crude increased by 36¢ to stand at $107.08 after earlier touching $107.65, while Brent for May fell 10¢ to $117.26 a

Oil prices climbed to $107 a barrel today as investors look forward to a positive US March payroll report, due later today, for insights into US oil demand.

US crude increased by 36¢ to stand at $107.08 after earlier touching $107.65, while Brent for May fell 10¢ to $117.26 a barrel at 03.24 GMT after reaching $117.90.

Prices gained following a US report on 31 March that showed a fall in jobless claims, indicating higher employment in the Midwest region of the country.

Meanwhile, in Libya, rebels are optimistic about the unrest following the defection of the country’s foreign minister.

Bahrain has stepped up arrests of cyber activists and Shi’ites, with more than 300 people detained and dozens missing since it launched a crackdown on pro-democracy protests, according to Reuters.

Syrian President Bashar al-Assad has set up a committee to consider replacing an emergency law with anti-terrorism legislation following demonstrations.