Oil prices rise as Libyan unrest continues Skip to main content

Oil prices rise as Libyan unrest continues

US crude oil prices have hit a new two-and-a-half year high amid concerns that the unrest in Libya could turn into a full-blown civil war.
US light crude futures for April rose by $2.02 to $106.44 a barrel, the highest price since September 2008.
Brent crude gained $1.53 to $117.40 a barrel nearing its recent $119.79 high.
Meanwhile, Asian stock markets suffered on fears rising energy prices could derail the global recovery, with the Nikkei ending the day 1.8% lower.
Shares also fell in Hong Kong, Sydney and Bombay, as concerns mount that the continuing unrest in Libya could send oil prices even higher.
The Shanghai Composite index ended the day 1.8% higher, but largely due to a surge in the value of energy companies, including a 10% jump in China Shenhua Energy Company.
Fear factor

West Texas Intermediate Crude Oil Futures $/barrel

Last Updated at 07 Mar 2011, 09:30 GMT *Chart shows local time West Texas Intermediate Crude Oil Future intraday chart
price change %
105.94 +
+1.14
 +
+1.09
The US has indicated that it is considering tapping its oil reserves as one way to help ease soaring prices.
But even that news failed to calm the markets as investors remained jittery about the unrest spreading to other oil-producing nations.
"The concern is that with what we are seeing in Libya, it's purely fear driving the market," said Jonathan Barratt of Commodity Broking Services.
"Each time the price moves up a little, people are forced into the market. Once it's feeding itself, it will continue to rise," he added.
Mr Barratt said US crude prices could peak at $120 a barrel, even if further supply disruptions do not take place.

http://www.bbc.co.uk/news/business-12644002

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