Global oil prices continued to advance further as concerns over possible oil supply cuts from the troubled MENA (Middle East & North Africa) region escalated.
Light sweet crude for April delivery was seen trading at $102.65 a barrel at 12.00 noon Singapore time while the more-actively traded May futures climbed 1 cent to $103.10 a barrel.
In London, Brent crude futures for May delivery was at $115.47 a barrel in London.
Analysts said the black gold is likely to break the $103 a barrel mark during today's trade as spreading unrest in the Middle East intensified concerns about potential threats to the region’s oil supply.
Unrest across the MENA region threatened to cut oil supplies from there though top-exporter Saudi Arabia has not yet experienced the kind of mass uprisings that have rocked other parts.
However, neighboring Bahrain, Yemen and Oman are witnessing protests that turned violent occasionally.
Meanwhile, fighting continuing in Libya as allied forces conducted air attacks for the third day to check Gadhafi's forces from advancing towards key city of Benghazi.
Libya's oil output has fallen to less than a quarter of the 1.6 million barrels per day (bpd) produced prior to the rebellion against the Gadhafi rule.
On Monday, U.S. crude futures for April delivery rose $1.26, or 1.25 per cent, to settle at $102.33 a barrel, off its high of $103.35. The April contract expires on Tuesday.
Brent crude futures for May delivery rose $1.03, or 0.9 per cent, to settle at $114.96 a barrel, off its intraday peak of $116.22.
