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Oil prices surge to highest level in more than two years on Libya unrest

23-Feb-2011 10:29 AM

Oil prices surged to the highest level in more than two years as intensifying violence in Libya fuelled concern that supplies from Libya may be disrupted (Bloomberg, 23-Feb-2011). Libya is the world's 18th largest oil producer. Crude for Mar-2011 delivery increased USD7.37 to USD93.57 a barrel on the New York Mercantile Exchange, the highest settlement since 03-Oct-2008. Futures have risen 17% in the past year. Brent oil for Apr-2011 settlement on the London-based ICE Futures Europe exchange gained USD0.04 cents to USD105.78 a barrel, the highest settlement since 22-Sep-2008.