Oil Hits $94 as Libyan Protests Continue

21 February 2011 (Last Updated February 21st, 2011 18:30)

The price of oil shot to a two-and-a-half year high to over $94 today on concerns that increasing conflicts in Libya would further cut supply and provoke more protests in North Africa and the Middle East. US crude for March delivery touched its highest level since October 2008 at $94.49

The price of oil shot to a two-and-a-half year high to over $94 today on concerns that increasing conflicts in Libya would further cut supply and provoke more protests in North Africa and the Middle East.

US crude for March delivery touched its highest level since October 2008 at $94.49 a barrel, while Brent crude for April delivery rose by $2.01 to stand at $107.75 a barrel, reports Reuters.

Libya’s output of 1.6 million barrels per day came under threat after the Al Zuwayya tribe in eastern Libya said it would cut off exports if authorities did not stop violence against protesters.