Brent crude topped $120 a barrel Monday due to supply concerns stemming from unrest in the Middle East. Futures for Brent Crude rose $2.36 to $121 a barrel — the highest levels since before the onset of the global financial crisis in September 2008.
Meanwhile U.S. crude settled up 53 cents at $108.47 a barrel, the highest close since September 2008.
Investors expect demand for oil may grow on signs that the U.S. economy is improving. Yet ongoing conflict in Libya and violence in Yemen could threaten supply in the Middle East just as demand surges.
Source:Â Reuters
