Oil prices jump to 30-month high amid Mid-East turmoil
01 Apr 2011
Oil prices on Thursday jumped to their highest close in two-and-a-half years as the conflict in Libya and general unrest in the Middle East sparked fresh worries about supplies.
Brent crude for delivery in May rose $2.23 to $117.36 a barrel, its highest close since August 2008 and up 23.9 per cent so far this year.
US crude rose $2.45 to $106.72, its highest close since September 2008, and jumping 16.8 per cent for the quarter.
Analysts said oil trading recently was the most volatile for two years.
Fighting near Libya's oil ports heightened concerns about the country's ability to re-start production any time soon. Investors' belief that a protracted conflict in Libya will keep exports shut off was reinforced as forces loyal to Muammar Gaddafi took back oil ports at Ras Lanuf and Brega.
Energy consultants Cameron Hanover said traders are beginning to view the Libya uprising as a stand-off with little sign of resolution. "Optimism that Libyan oil might return to the market, seen earlier this week, was dashed," the firm said in a statement.
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