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23-Feb-2011 10:29 AM

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

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.