LIBYA

Oil rose above $116 a barrel on Friday after the United Nations authorized Western-led attacks in OPEC member Libya and tension stayed high across the oil-producing Middle East.

Futures bounced back for a second day on Friday but Japan's nuclear crisis and rising oil prices on possible military action against Libya could keep Wall Street on track for its worst week in seven months.

Saudi Arabian king will likely make announcements today regarding a ministry reshuffle, anti-corruption drive and more welfare dole outs, according to media reports.

Crude oil prices rose in Asian trade on Friday, after the United Nations (UN) approved the imposition of a no-fly zone over Libya, raising fresh fears over oil exports from the country.

Bahrain, a tiny island in the western shores of the Persian Gulf, saw no reprieve from the recent anti-government protests.

Brent crude jumped by more than $1 to $116 on Friday on fears of rising geopolitical tension in the oil-rich Middle East and North Africa, after the United Nations approved military action to contain Libyan leader Muammar Gaddafi.

Brent crude jumped by more than $1 to stand above $116 on Friday on fears of rising geopolitical tensions in the oil-rich Middle East and North Africa, after the U.N. approved military action to curb Libyan leader Muammar Gaddafi.

The yen skidded on Friday after the Group of Seven finance ministers agreed to act to limit the currency's strength, with the dollar popping above 81 yen in a move that could put further pressure on players to unwind long yen positions.

The United Nations Security Council has approved military strikes on Libyan air defenses, a move following weeks of talks led by France, Britain and the United States to mobilize the international community to take action against the regime of Muammar Gaddafi, which is engaged in armed conflict with rebels.

The United Nations Security Council on Thursday voted to approve a no-fly zone over Libya and all necessary measures to protect civilians from attacks by forces led by Muammar Gaddafi.

U.S. Secretary of State Hillary Clinton said on Thursday that establishing a no-fly zone over Libya would require the bombing of air defenses, as the U.S. seeks broad action to protect civilians fighting Libyan leader Muammar Gaddafi's regime.

The former chief of Nicolas Sarkozy's presidential election campaign has denied allegations by the son of Moammar Gaddafi's that they received funding from Libya.

Oil rose by more than $2 on Thursday as tensions in Saudi Arabia and Bahrain fueled fears of further supply disruption while investors weighed the impact on energy demand from quake-hit Japan.

Bahrain arrested several opposition leaders on Thursday as part of a crackdown on anti-government protests in the Gulf kingdom, driven by majority Shiites, who are calling for democracy and civil rights.

LONDON, March 17 - Oil was up over $1 on Thursday as tensions in Saudi Arabia and Bahrain fueled fears of further supply disruption while investors weighed the impact on energy demand from quake-hit Japan.

SINGAPORE, March 17 - Brent reversed early losses to hold above $111 on Thursday as tensions in the Middle East kept a floor under prices, while investors continued to weigh the impact on energy demand from a worsening nuclear crisis in quake-hit Japan.

SINGAPORE - Brent crude reversed losses, heading back toward $111 after losing 1 percent earlier on Thursday, as investors weighed Middle East tensions against risks to demand from the nuclear crisis in quake-hit Japan.

SINGAPORE, March 17 - Brent crude fell by as much as 1 percent on Thursday to below $110 as Japan's worsening nuclear crisis buffeted stock markets, raising questions about the impact of the earthquake on growth and energy demand.

There is now one more catalyst that can push up oil prices.

Oil rose 2 percent on Wednesday as escalating violence in the Middle East raised concerns about crude supplies, countering the wave of risk aversion sparked earlier this week by Japan's nuclear crisis.

The Gold Price ticked higher in London trade on Wednesday, holding above yesterday's 4-week lows to reach $1400 per ounce, as a rally in Japanese shares failed to prevent further losses in global stock markets.