Crude Oil Jumps By Eight Dollars To Crack Above $97 In New York

The Light, sweet crude oil prices jumped by over US$8 a barrel yesterday amid broad based worries that the violent protests spreading in Libya could disrupt crude supplies from the OPEC country and a further spread of the current public uprising in the Middle East region could affect supplies from the oil-rich region. Regular trading in US markets, including floor trading on the New York Mercantile Exchange, was closed for the Presidents' Day holiday Monday. But in electronic trading on the Nymex, oil prices jumped $8.05, or% to US$97.76 a barrel. 
The markets witnessed a hectic start in Asia yesterday on reports that on Sunday, Seif al-Islam Gadhafi, son of Libyan leader Moammar Gadhafi, warned protesters that they risked igniting a civil war in which Libya's oil wealth will be burned. Libya is among the one of the world's biggest oil producers and has the largest proven oil reserves in the whole of Africa. It produces around 1.6 million barrels of crude a day and exports 1.1 million barrels.
Oil companies like U.K.-based BP and Germany's Wintershall said they were temporarily suspending operations in Libya, while Italy's Eni said production continued normally. Some of the firms also began evacuating their foreign employees there.
The protests are beginning to take a nasty turn as Senior Libyan officials and diplomats resign in outrage over the attacks against civilians, while soldiers flee their units and join the opposition. Meanwhile, the US dollar rose against the Euro, extending its gains from one-week lows. The greenback continues to gain even now, breaking under 1.3600 against the Euro. MCX Crude oil futures soared above Rs. 4300 yesterday and closed at Rs. 4304, up Rs. 232 per barrel on the day, adding stupendous gains in the first session of the week.

(Source: http://www.indiainfoline.com/Markets/News/Crude-Oil-Jumps-By-Eight-Dollars-To-Crack-Above-dollar-97-In-New-York/3572147194)