Air strikes in Libya drove the prices of oil and gold higher on Monday, while indications that Japan might be progressing in containment of its reactor woes lifted stocks on world markets.
Reuters reported that oil was up $2 per barrel after the launch of a second wave of air strikes on Libya by the West. Brent crude gained $2.02 in midday trading to come in at $115.95 per barrel, and April U.S. crude lifted by $1.91 to reach $102.98 as continued conflict in Libya and unrest in other Middle East/North Africa (MENA) nations, including Syria and Yemen, drove uncertainty.
That uncertainty also stimulated a return to safe-haven gold, with the precious metal gaining for its fourth straight day. Midday European trading saw gold gaining 0.8% to come in at $1,430.90, with U.S. April futures up 1.1% to $1,431.40.