Oil moves through $113 a barrel

Oil moves through $113 a barrel

April 11, 2011

By Virginia Harrison , MarketWatch 

SYDNEY (MarketWatch) — Crude-oil futures edged back up in electronic trading on Monday, but news of a possible peace agreement in Libya helped limit gains in Asian trading hours.

The benchmark contract for Nymex light sweet crude for May delivery /quotes/comstock/21n!f:cl\k11 (CLK11 112.42, -0.37, -0.33%) added 27 cents, or 0.2%, to $113.06 a barrel.

Gadhafi meets with African leaders
A delegation from the African Union meets with Libyan leader Moammar Gadhafi over the weekend in a diplomatic effort to stop the bloodshed in Libya. Video courtesy of Reuters. 

Crude prices have increased by more than 23% this year, according to data from FactSet.

Prolonged geopolitical uncertainty and violence in North Africa and the Middle East has been a driving factor behind the soaring oil price. 

But on Monday, there were reports that embattled Libyan leader Col. Moammar Gadhafi had agreed to a cease-fire put forward by the African Union. 

The reports cited South African President Jacob Zuma as saying Gadhafi had accepted a peace plan to end the conflict in Libya, which began after violent protests broke out in February. See report on Libyan peace plan. 

 

Elsewhere across the Middle East, however, political unrest raged over the weekend, killing dozens and leaving many wounded.