Yemeni demonstrators continued applying pressure on President Ali Abdullah Saleh by spending the night on the street and continuing demonstrations of the sort that have sacked Tunisian and Egyptian leaders. Saleh, who in January promised not to run for re-election and not to hand power to his son, is staring into an internal revolt that has seen many military staff members abandon him.
Elsewhere, the air campaign over Libya is continuing to enable rebel forces to fortify control of cities where they hold power.
"The unrest in Libya seems to be priced in almost completely by now," Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt, told Bloomberg. "The price will stay at elevated levels of around $110 to $120 for several months and will drop back to $90 by the year-end."
At 2:15 p.m. on Tuesday, Brent crude oil futures were up 0.31 percent, a 0.36 cent gain to $115.32 per barrel.
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