Global oil prices continued their journey towards north on MENA turmoil while US moves to consider using strategic oil reserves also helped the black gold.
Light sweet crude for April delivery was seen trading at $105.81 a barrel at 12.00 noon Singapore time while Brent crude was at $116.87 a barrel in London.
Analysts said severe fighting in Libya and rising unease in other important oil exporters like Saudi Arabia continued to support oil prices.
Libya is the fourth biggest oil exporter in Africa after Nigeria, Algeria and Angola, producing around 1.8 million barrels a day, with reserves of 42 billion barrels.
The bulk of its oil production is normally exported to Europe, according to the International Energy Agency.
However, analysts see no immediate threat to the present Saudi regime despite the country witnessing several demonstrations.
Meanwhile, the black gold received a surprise boost after world's largest oil consumer, the US said it will consider using its strategic oil deserves to safeguard its economy, which is recovering.
While longstanding U.S. policy is to release reserves only in the event of a significant and immediate supply shortage, some analysts say the Obama administration may feel compelled to try to tamp down prices that are being fueled both by outages in Libya and concern unrest could spread in the Middle East.
The U.S. Strategic Petroleum Reserve holds 727 million barrels of oil, or about 38 days of consumption, and has only been tapped a handful of times since it was created in the mid-1970s after the Arab oil embargo. It was last used in 2005 following Hurricane Katrina.
On Friday, Benchmark West Texas Intermediate crude for April delivery gained $2.51 to settle at $104.42 per barrel in New York, the highest level since September 26, 2008.
In London, Brent crude rose $1.18 to settle at $115.97 per barrel on the ICE Futures exchang .
