Crude nears $120 a barrel as Libya crisis deepens
24 Feb 2011
Brent crude prices hovered near $120 a barrel as crude oil prices surged more than 7.5 per cent to its highest since August 2008 on fears that the uprisings in Libya could spread to other Middle East countries as well.
Brent crude for April delivery shot up $8.54 a barrel to $119.79 before closing at around $112.
US light sweet crude for April delivery hit a high of $103.41, the highest since September 2009, before easing a bit, but still remaining above the $100 a barrel level.
Unrest in Libya, the world's 12th-biggest exporter, is reported to have cut crude production by at least 400,000 barrels per day (bpd) from its 1.6 million bpd.
Italian energy giant ENI reported a fall in Libyan oil production after the eastern parts of the country slipped from strongman Muammar Gaddafi's control.
Major banks also, meanwhile, cautioned OECD economies that another oil price spike could derail the fragile recovery.
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