23 Feb '11, 3pm

Brent oil hits US$110 on supply fears

LONDON : Oil prices topped US$110 on Wednesday for the first time since early September 2008 after news that a Libyan fighter pilot had disobeyed orders to bomb opposition stronghold of Benghazi, analysts said. The news immediately stoked fears over the position in Libya itself, where many Western oil companies have suspended operations, and in the wider Middle East where many countries face protests for change. In afternoon deals, Brent North Sea crude for delivery in April rallied as high as US$110.35, touching the highest level since September 2, 2008. At the same time, New York's light sweet crude for April, known as West Texas Intermediate (WTI), jumped to US$97.97, a level last witnessed on October 2, 2008. "Following news that a Libyan air force plane crashed near Benghazi after its crew bailed out as they refused to carry out orders to bomb the city, crude oil pric...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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