Oil Rises Over $97 a Barrel on Middle East Concerns

28 February 2011 (Last Updated February 28th, 2011 18:30)

Oil touched $97 a barrel today on persisting concerns of supply shortage as protests in the Middle East and North Africa continue. US crude went up 45¢ to $97.42 a barrel, and Brent futures for April increased 55¢ to $112.35 a barrel by 12:40am ET, reports Reuters. Saud

Oil touched $97 a barrel today on persisting concerns of supply shortage as protests in the Middle East and North Africa continue.

US crude went up 45¢ to $97.42 a barrel, and Brent futures for April increased 55¢ to $112.35 a barrel by 12:40am ET, reports Reuters.

Saudi Arabia, the world’s largest oil producer and the only country with the spare capacity to handle supply outages, has boosted its output to cover the cut in Libyan exports.

Crude oil shipments from Libya, which produces 1.6 million barrels a day of light sweet crude, are almost stalled due to reduced production and bad weather.