Wilkinson Bennings Securities: Brent Crude Surges to Nearly $112

(12PressRelease.com) Singapore based Wilkinson Bennings Securities reported oil prices have had a tumultuous ride this week, rocketing more than 9% since last week as investors reacted to the changing political stage across North Africa and the Middle East.

The U.S. benchmark petroleum contract, West Texas Intermediate, for April delivery climbed 59 cents to settle at $97.87 a barrel. Prices hit a peak above $103 on Thursday, before moving back to close at $97.26 a barrel. Brent crude, the European standard, added 53 cents to $111.89 a barrel.

Friday's relatively quiet action incomes near the end of a volatile week. On Wednesday, prices spiked above $100 per barrel for the first time since October 2008, as the political upheaval in Libya hit the nation's oil exports.

The market remains suspicious of the volatile situation in Libya, where opponents of Moammar Gadhafi's decades-old dictatorship have taken control of several major cities outside of the capital city of Tripoli.

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