Oil prices increased by more than USD $ 2 today, after the Western military forces intensified their strikes on Libyan air force installments. Brent crude for May settlement rose by 2 percent to USD $ 116.22 a barrel, whereas US crude futures for April rose by USD $ 2.18 to USD $ 103.25 a barrel.
The crisis in Libya is nowhere appearing to be ending anytime soon. The long term implications of this crisis on the oil market are not looking good either. According to the Iranian Oil Minister and the current president of OPEC, Mr. Massoud Mirkazemi, any increase in oil output from OPEC members in order to reduce oil prices is unlikely to have the desired effect.
The price of gold rode to around USD $ 1438 per ounce today. Since the price of gold always increases in turbulent times owing to its status as a safe-haven for investments, gold prices are expected to increase even more in the coming days.