Oil may hit $100 on Libya crisis: Commodity Broking

Jonathan Barratt, the Managing Director of Commodity Broking Services, told CNBC-TV18 says the Libyan situation highlights the growing concerns surrounding West Asia. He also adds that extra oil available with the Organization of the Petroleum Exporting Countries (OPEC) can replace the shortfall arising from the Libyan crisis.

While he sees current crude inventory supplies at comfortable levels, a continuation of the turbulence in the Middle East could affect supplies in the long-term. Below is a verbatim transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. For complete details watch the accompanying video. Q: Is it primarily sentiment or do you think the Libyan situation materially impacts the crude oil market? A: Obviously, over the last 24 hours, we have seen quite a jump in crude prices. The Libyan situation has just highlighted the concern for the entire Gulf region. As we have seen this contagion spread from Tunisia to Egypt to Libya and now to Bahrain and Dubai and other areas of influence which are now coming under the concern of the people