Light crude for May delivery approached the $112 a barrel level, while Brent crude futures rose $1.74 to $124 a barrel. Buying momentum has continued as hopes fade for a quick resolution of conflicts in Libya. Last week, crude-oil futures traded at $106 a barrel and prices have only climbed since then. The weakening of the U.S. dollar and uncertainty over a possible U.S. government shutdown helped crude-oil prices increase. Tudor Pickering Holt analysts said, “Middle East tensions driving further crude-oil gains from these elevated levels will make us incrementally more nervous about energy demand, the economy and inflation.”
