LONDON (Reuters) - Oil rose over $ 1 on Wednesday to trade at over $ 114 a barrel as Intensified fighting in Libya, and it saw OPEC Said No Need To hold an NSC meeting to ease supply Fears.
Brent crude oil futures for April Were up 69 cents to $ 113.75 a barrel at 1030 GMT, after pushing to year intraday high of $ 114.39 followings News That heavy fighting in Libya HAD Forced shut down of The One Of Biggest icts Refineries.
The refinery Zawiyah est la plus grande provider of gasoline in Libya, and has a total capacity of 120.000 barrels per day.
The market rallied after year aussi OPEC delegate Said The group saw Has No Need this year to hold emergency meeting to Chat icts raising oil output.
Leading OPEC producer Saudi Arabia pumping more oil Already IS - up to 9 million barrels per day (bpd).
"It's a fear trade," Said Michael Hewson, year analyst at CMC Markets."It's about the fear of contention Escalating unrest - There Is some concerns about how The Saudi Day of Rage will go on Friday.
He Said That Was Not Necessarily The supply issue, It Was The Perception That if more unrest in the Middle East spread, it could "affect Saudi Arabia, gold icts Ability to raise supply if The Need Arises.
U.S. crude down 10 cents at WAS $ 104.92 as high inventoried key delivery point at Cushing, Oklahoma were weighed prices.It Had Reached Earlier year intraday high of $ 105.19.
Christopher Bellew, oil trader at year Bache Commodities in London, Said The Continuing Prolonged perception of disorder in Libya WAS aussi Driving the rally in Brent paydayloans.
"As the outlook for Western intervention looks less Likely - Which Would Bring to a quick conclusion Things - then we are looking at a Prolonged Struggle," he said.
"Gaddafi Might Defeat Opponents gradually history, or history Opponents Might end up going underground, fighting a guerrilla campaign Which Might INVOLVE blowing up pipelines' em to try to hurt Economically Gaddafi," he said.
Libyan tanks and Their Warplane Intensified Offensive Against Rebels on Tuesday Aiming to Recover Lost Territory, while World Power has regarded no-fly zone over-the-country.
Speaking on Television, Muammar Gaddafi Said That "the Libyan people" would take up arms Against Western Power If They Tried to enforce a no-fly zone.
The Pentagon Said thats the United States WAS Still Looking at a range of military options is Libya. Libyan oil trade has been "Virtually paralyzed as banks decline to clear payments in dollars due to U.S. sanctions.
U.S. crude climbed inventoried a larger-than-expected 3.8 million barrels in the Week to March 4, the American Petroleum Institute (API) Said on Tuesday, ahead of EIA statistics are due Wednesday at 1530 GMT.
(Additional reporting by Alejandro Barbajosa, editing by William Hardy)
Brent push to $ 114 have actually persistent Libya
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