Brent crude oil futures closes week at $114, Libya in focus

19 March 2011 19 March 2011

BonTrade

Brent oil futures close off the week’s trading session near $114 a barrel as oil prices remain bullish, while the situation in Libya continues to be a main factor driving the crude oil market.

Brent Oil Futures – Closing Price

Brent crude oil futures for May 2011 delivery ended the week’s trading session at $114.51 a barrel on the ICE Futures Exchange yesterday evening, $1.04 higher than last week’s closing price of $113.47 a barrel.

Leaders Discuss Libya

Leaders from Britain, the US, France and Arab countries are due to meet in Paris to discuss military action in Libya under a new UN resolution. Despite the UN’s declaration of a no-fly zone over Libya, fighter jets have been seen over the rebel-held city of Benghazi and explosions heard nearby.

Air Strikes Continue

This morning, planes carried out two air strikes southwest of Libya’s rebel stronghold of Benghazi early Saturday and columns of smoke were seen rising from the targeted zone.

In Tripoli, Libya’s deputy foreign minister had denied there were any plans to attack the rebel bastion and said the government forces would not breach the ceasefire.

Libya has the largest proven oil reserves in Africa with 42 billion barrels of oil.

More than 50 international oil companies are present in the Libyan market and current oil exports are said to be virtually zero, down from around 1.6 million barrels per day.