Oil Rises to $108 on Supply Concerns

3 April 2011 (Last Updated April 3rd, 2011 18:30)

The price of oil went up today to $108 a barrel, as continued unrest in the Middle East and North Africa gave way to supply concerns. US crude climbed 42 cents to $108.36 a barrel at 0551 GMT, and ICE Brent increased 39 cents to $119.09 a barrel at 0551 GMT, reports Reuters. Oil

The price of oil went up today to $108 a barrel, as continued unrest in the Middle East and North Africa gave way to supply concerns.

US crude climbed 42 cents to $108.36 a barrel at 0551 GMT, and ICE Brent increased 39 cents to $119.09 a barrel at 0551 GMT, reports Reuters.

Oil prices were supported by Friday’s strong US payrolls data, which shows a growth in US employment for a second consecutive month in March and the jobless rate hit a two-year low of 8.8%.

The Government of Libya has sent an envoy to Greece to discuss an end to fighting, though it showed no signs of any major climb-down in the civil war.

In Yemen, two protesters died and hundreds were hurt when police used live rounds, tear gas and batons to try to break up protests against the President.

Bahrain is also witnessing the worst unrest since the 1990s after mostly Shi’ite protesters took to the streets in February 2011.