Brent oil price ends week over $123 on Middle East, Libya

Brent oil futures end a volatile week’s trading back at $123 a barrel as continued in-fighting in Libya firms crude prices, while some of the biggest anti-government demonstrations to hit Syria see tens of thousands on the streets, seeking political reform in the Middle Eastern country.

Brent Oil Futures – Closing Price

Brent crude oil futures for June 2011 delivery ended the week’s trading session at $123.44 a barrel on the ICE Futures Exchange yesterday evening, $3.30 lower than last week’s closing price of $126.74 a barrel.

Oil markets turned this week from unrest in the Middle East and North Africa to focus on economic issues. However, analysts say fighting in Libya and fears of unrest in other oil producing states, including Syria, is providing a floor for Brent and WTI oil prices.

Libya Fighting Intense

The US and its allies asserted on Friday that their military action in Libya wouldn’t stop until Moammar Gadhafi was removed from power, but intense fighting continued in the rebel held town of Misrata.

NATO Secretary General Anders Fogh Rasmussen told reporters after a meeting of NATO foreign ministers today in Berlin that he’s confident his request for additional ground attack aircraft will be met, even though the US and France rejected deploying more planes.

“We have got indications that nations will deliver what is needed.” said Rasmussen, without identifying which countries or confirming reports that the request is for about eight warplanes to attack Muammar Qaddafi’s forces.

Syria Unrest Continues

Meanwhile, tens of thousands of people turned out across Syria on Friday, dismissing minor concessions offered a day earlier by Syria’s President Bashar Assad. The demonstrators called for freedom, the release of political prisoners and, in some instances, the downfall of the government, echoing demands for change across theMiddle East.

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Brent oil price ends week over $123 on Middle East, Libya