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Crisis fuels oil rise
Source: Agencies |
February 25, 2011, Friday
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Print Edition
Print Edition
OIL surged more than 7.5 percent to its highest since August 2008 yesterday on concern that uprisings in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia.
Brent crude oil for April spiked up US$8.54 a barrel to a peak of US$119.79 before easing to about US$114.40. United States crude futures slip below US$100 per barrel as trading began on the New York Mercantile Exchange. Benchmark crude for April delivery added US$1.35 at US$99.45 per barrel on Nymex. Prices rose as high as US$103.41 per barrel in electronic trading overnight.
Energy markets are still rattled by the rebellion in oil-rich Libya. Analysts estimate that oil production has been cut by about 1 million barrels per day so far, more than half the country's daily output.
Brent crude oil for April spiked up US$8.54 a barrel to a peak of US$119.79 before easing to about US$114.40. United States crude futures slip below US$100 per barrel as trading began on the New York Mercantile Exchange. Benchmark crude for April delivery added US$1.35 at US$99.45 per barrel on Nymex. Prices rose as high as US$103.41 per barrel in electronic trading overnight.
Energy markets are still rattled by the rebellion in oil-rich Libya. Analysts estimate that oil production has been cut by about 1 million barrels per day so far, more than half the country's daily output.
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