Oil Surges on Libyan Unrest

February 22nd, 2011
in econ_news

 gadaffi Econintersect:  OIL prices soared to the highest level in more than two years as Libyan leader Moammar Gadhafi (photo right) urged his supporters to attack protesters who are violently challenging his 42-year rule.  Only a small part of Libya's oil production appeared to be affected, though analysts fear that similar revolts will spread to OPEC heavyweights like Iran.  The last price quoted at GEI Live Market for Brent Oil (London) was 106.35 at 7:43 pm EST.

Follow up:

Benchmark West Texas Intermediate for April delivery jumped US$5.71, or 6.4 percent, to settle at US$95.42 per barrel on the New York Mercantile Exchange. Oil hasn't been that high since it settled at US$97.92 on Oct. 1, 2008.

Sources:  GEI Live Market and  Shanghai Daily 

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