22 Feb '11, 10pm

Oil prices soar amid Libya crisis

Oil prices soar amid Libya crisis

NEW YORK - Oil prices soared Tuesday amid deadly violence in Libya, the first major oil exporter to be hit with political turmoil that has spread across the Arab world. As leader Muammar al-Gaddafi launched a brutal crackdown against anti-regime protesters and foreign workers fled, traders feared for the impact on oil supplies. "The market continues to be very focused on the instability in the Middle East, and Libya in particular," said oil analyst John Kilduff. "The violence against the people, Gaddafi now losing control of some of the regions, the defection of some of the military and even the diplomatic corps -- it has escalated the situation to a point where we are likely to lose, at least for a time, Libya's 1.1 million barrels a day to the oil market," he said. Gaddafi's pledge to crush anti-regime protesters raised the stakes in an increasing bloody fight for contro...

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