Oil rises on Libya
Source: Agencies |
March 8, 2011, Tuesday
|
Print Edition
Print Edition
THE crisis in Libya again pushed oil prices higher as the New York Mercantile Exchange opened for trading.
Benchmark West Texas Intermediate crude for April delivery gained 83 US cents yesterday at US$105.25 per barrel on the New York Mercantile Exchange. The price almost hit US$107 per barrel earlier in electronic trading, the highest since September 26, 2008.
In London, Brent crude added 64 cents at US$116.61 per barrel.
Officials in Libya said the country's oil fields continue to operate, but experts said Libya's daily shipments of more than 1 million barrels will likely be cut off for some time to come.
Saudi Arabia has raised production to make up for the loss of Libyan crude, which goes mainly to Europe, but that put a tighter squeeze on oil supplies as the global economy recovers and consumption rises.
Benchmark West Texas Intermediate crude for April delivery gained 83 US cents yesterday at US$105.25 per barrel on the New York Mercantile Exchange. The price almost hit US$107 per barrel earlier in electronic trading, the highest since September 26, 2008.
In London, Brent crude added 64 cents at US$116.61 per barrel.
Officials in Libya said the country's oil fields continue to operate, but experts said Libya's daily shipments of more than 1 million barrels will likely be cut off for some time to come.
Saudi Arabia has raised production to make up for the loss of Libyan crude, which goes mainly to Europe, but that put a tighter squeeze on oil supplies as the global economy recovers and consumption rises.
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