Crude prices continue to rise on relentless unrest in the Middle East

The past few months have seen an uptrend in crude oil prices. The relentless unrest in the Middle East is pushing it further up. Brent climbed 1.5% on Monday towards US$116 per barrel after western forces launched a military campaign against Libya, stoking fears of intensifying violence in North Africa and the Middle-East. Prices are expected to cool down ony when the tension in the MENA region starts to subside. The triple catastrophe in Japan is unlikely to impact global crude oil prices; it would impact product market instead. Under the current status, crude production from Libya is unlikely to be impacted significantly. Oil production in Libya has dropped to less than a mln barrels a day from 1.6 mln, Saudi Arabia has already started ramping up its production.
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