Oil may hit $200 if unrest spreads to Saudi

Brent crude futures could hit $200 a barrel if political unrest spreads into Saudi Arabia, Societe Generale said on Monday. North Sea Brent crude futures were trading about 60 cents higher at around $117 a barrel by 6pm Dubai time. US crude was around $105.70.

Brent crude has been hovering just below the $119 level hit late in February, its highest price since the third quarter of 2008, as the unrest in Libya has cost the country a loss of about 1 million barrels of crude production per day out of its normal 1.6 million bpd output.

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