07 Mar '11, 10am

Oil price spikes to 2.5 year-high on Libya unrest

LONDON: World oil prices shot higher Monday, striking 2.5 year highs on the turmoil in Libya and the Middle East, analysts said. New York's main contract, light sweet crude for delivery in April, hit US$106.45 a barrel - the highest level since September 2008. It later stood at US$106.10, up US$1.68 compared with Friday's close. In London, Brent North Sea crude for April climbed US$1.02 to US$116.99. "Oil prices continue to be on the uptrend primarily due to the deepening conflict in Libya and concerns about the protests spreading to other parts of the Middle East's oil-producing region," said Victor Shum at international energy consultants Purvin and Gertz. "Concerns over oil supply disruptions in the Middle East and North Africa continue to drive oil prices," the Singapore-based energy expert told AFP. Heavy fighting continued in Libya as forces loyal to leader Muammar G...

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

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