Oil Prices Jump on Airstrikes in Libya

Monday, 21 March 2011, 6:28 pm
Column: Scoop Link

HONG KONG — Oil prices jumped more than $2 a barrel on Monday as the Western military action in Libya and continuing unrest in a host of other countries in the oil-rich Middle East region raised fears of possible disruptions to crude supplies.

The price for crude oil has risen continuously since expectations of a solid economic recovery in the United States solidified last year, and oil prices have soared sharply in recent months after anti-government protests erupted in northern Africa and the Middle East earlier this year.

On Monday, Brent crude for May settlement soared as much as $2.29, or 2 percent, to $116.22 a barrel on the London-based ICE Futures Europe exchange and was last trading at $115.74. U.S. crude futures for April rose as much as $2.18 to $103.25 and last traded at $102.69.

www.nytimes.com

ENDS

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