{"id":13532,"date":"2011-03-19T08:21:18","date_gmt":"2011-03-19T07:21:18","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13532\/brent-crude-oil-futures-closes-week-at-114-libya-in-focus\/"},"modified":"2011-03-19T08:21:18","modified_gmt":"2011-03-19T07:21:18","slug":"brent-crude-oil-futures-closes-week-at-114-libya-in-focus","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13532\/brent-crude-oil-futures-closes-week-at-114-libya-in-focus\/","title":{"rendered":"Brent crude oil futures closes week at $114, Libya in focus"},"content":{"rendered":"

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.<\/p>\n

Brent Oil Futures \u2013 Closing Price<\/strong><\/p>\n

Brent crude oil futures for May 2011 delivery ended the week\u2019s trading session at $114.51 a barrel on the ICE Futures Exchange yesterday evening, $1.04 higher than last week\u2019s closing price of $113.47 a barrel.<\/p>\n

Leaders Discuss Libya<\/strong><\/p>\n

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.<\/p>\n

Air Strikes Continue<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

Libya has the largest proven oil reserves in Africa with 42 billion barrels of oil.<\/p>\n

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.<\/p>\n

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