Oil Rises to Highest Since 2008 as Libya Unrest Stokes Concern
Bloomberg/Feb 21
Oil surged to the highest price in more than two years in London as violence escalated in Libya, stoking concern supplies will be disrupted as turmoil spreads through the Middle East and North Africa… “Libya is producing 1.5 million to 1.6 million barrels a day, so any unrest is concerning,” Andrey Kryuchenkov, an analyst at VTB Capital, said by phone from London. “Until things settle there, prices are underpinned.”
Crude Near 28-Month Highs On Libyan Supply Cuts
Dow Jones Newswires/Feb 22
“Libya is the first major oil exporter to be engulfed by the crisis…it has probably doubled the additional risk premium in oil prices” to around $10/barrel, according to consultancy Capital Economics.