Oil soar on Libya violence
April 1st, 2011 - 3:31 am ICT by IANSNew York, April 1 (IANS) Crude oil prices Thursday settled near $107 a barrel after Libyan leader Muammar Gaddafi’s troops recaptured the oil producing towns of Ras Lanuf and Brega from the rebels in eastern Libya.
Light, sweet crude for May delivery surged by $2.45, or 2. 35 percent to settle at $106.72 a barrel on the New York Mercantile Exchange, its highest close since September 2008.
In London, Brent crude for May delivery also traded sharply higher around $117 a barrel.
Libya’s oil exports of 1.6 billion barrels per day, which account for two percent of world crude supply, were stopped after anti-government protests broke out in mid-February.
The unrest in Syria, Yemen and Bahrain have also pressured the markets and pushed oil prices higher, Xinhua reported.
- Oil hits $100 mark - Feb 24, 2011
- Libya's Brega town cleared of rebels - Mar 13, 2011
- Protesters gain control over Libyan oil fields - Feb 27, 2011
- US crude oil crosses $100 mark - Mar 18, 2011
- Oil prices rise - Feb 25, 2012
- Gaddafi troops bomb oil town - Mar 03, 2011
- Sanctions will push up oil prices: Iran - Jan 25, 2012
- Air strikes continue as Gaddafi sees foreigners hands in protests (Lead) - Mar 09, 2011
- Fresh attack on rebel-held oil terminal in Libya - Mar 09, 2011
- Libyan rebels forced to retreat from Ras Lanuf port - Mar 11, 2011
- Oil rises on positive US jobs data - Feb 04, 2012
- Fighting engulfs Libya; EU, Russia impose sanctions (Second Lead) - Mar 10, 2011
- Gaddafi brutalizes rebel forces near Tripoli, claims control of town - Mar 05, 2011
- Pro-Gaddafi forces renew air attacks on rebels - Mar 08, 2011
- Al Qaeda backs Libya unrest amid genocide reports (Roundup) - Feb 24, 2011
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