Brent oil hits $113 a barrel

PanARMENIAN.Net - Unrest in Libya and the threat of contagion to other oil producing countries in the region drove Brent crude to $113 a barrel on Feb 24, but the selloff in Asian stocks eased as investors started to nibble at beaten-down shares.

Copper also bounced off one-month lows, although the dollar stayed on the back foot as some investors worry that the U.S. economy would be vulnerable to high oil prices, given its reliance on consumer spending to drive growth.

London Brent crude rose as high as $113 a barrel for the first time since September 2008, having gained nearly 10 percent in the past four sessions. U.S. crude last traded at around $99.38 a barrel, a whisker away from Feb 23 high of $100, according to Financial Mirror.

Worries that higher energy prices will crimp corporate profits had sparked a steep selloff in Asian stocks in the past two sessions, but that looked to be losing its punch.

Gold , a traditional safe haven in times of trouble, traded at around $1,412 an ounce, not far from a record high around $1,430 set in December. Copper gained 1.1 percent to $9,526 a ton, climbing off a one-month low of $9,365.