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US crude oil crosses $100 mark

Posted by on March 18, 2011 0 Comment

New York, March 18 (IANS) US crude oil price rebounded sharply Thursday as supply concerns and higher demand expectations lifted the market, Xinhua reported.

Light, sweet crude for April delivery gained $3.44 or 3.51 percent Thursday to settle at $101.42 a barrel on the New York Mercantile Exchange.

In London, Brent crude for May delivery rose more than three percent and last traded near $115 a barrel.

The unrest in the Middle East continued Thursday, with clashes in Libya shutting down almost all its crude output of 1.6 million barrels a day.

Analysts said that the unrest in Bahrain, which is about 100 km from the hub of the Saudi oil industry at Dhahran, remains a key concern to the world oil supply.

Meanwhile, there were positive signals for US economic recovery. The Labour Department said Thursday that applications for unemployment benefits fell last week, and the four-week moving average fell to 386,250, the lowest level since July 2008, reflecting faster payroll gains. The stock markets bounced back after taking a beating Wednesday.

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