Commodity Daily News

Crude Oil Climbs to $103.50 a Barrel After U.N. Authorizes Military Action in Libya

Crude oil surged to $103.50 a barrel during Thursday night trading, after the United Nations have authorized a military strike to curb Libyan leader Muammar Gaddafy. The U.N. Security Council vote came several hours after Gaddafi threatened to storm Benghazi overnight.

As a result, crude prices, which were already surging, saw a sharp 200 pips gain, and crude climbed from $101.70 to $102.85 a barrel almost instantly. During the night crude oil prices continued to climb, and reached as high as $103.50 a barrel.

Looking ahead to today, traders should first and for most remain updated regarding any development in Libya. Traders should take under consideration that any update regarding a clash involving U.N. troops has potential to boost crude prices event further.