Oil prices rise 1 percent on expectations that OPEC will cut output if needed to support prices in the backdrop of conflict in Libya and soaring natural gas prices in Europe
The rise in natural gas prices is causing industrial users in Europe to switch to diesel and fuel oil, increasing the demand for oil.
US West Texas Intermediate crude futures jumped $1.09, or 1.2 percent, to $94.15 a barrel at 0241 GMT, adding to a 2.5 percent gain last week. "Oil prices were stronger amidst the ongoing pressure on fuel demand from Europe’s energy crisis, and supply constraints," National Australia Bank commodities analysts said in a note.
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