Libya Unrest Pushes Up Oil Prices –

Energy Feb 21, 2011 No Comments

Oil WellsCrude-oil futures soared Monday, as violent clashes between protesters and government forces in Libya revived fears that escalating demonstrations would disrupt the region’s oil exports.

The front-month April Brent contract on London’s ICE futures exchange was recently up $1.95, or 1.9%, at $104.47 a barrel, having hit a two-year high of $105.08 earlier. The front-month March contract on the New York Mercantile Exchange was up $3.33, or 3.9%, at $89.53 a barrel, its highest since Feb. 4.

Antigovernment protests have spread throughout Libya’s major cities, including the capital Tripoli. With violence worsening, several oil companies, including BP PLC, are pulling personnel from the country. Around 50,000 barrels a day of production has been shut down, according to the International Energy Agency.

The IEA is on “high alert” for potential supply disruptions, David Fyfe, head of the IEA’s Oil Industry and Markets Division, said at a conference in London.

via Libya Unrest Pushes Up Oil Prices –

Tags : ,

Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website