The price of oil rose to $111 today due to supply constraints from Libya’s oilfields.

US crude climbed 81¢ to stand at $111 a barrel, while Brent Crude hit $123 a barrel, reports Reuters.

The intraday high oil price was boosted by attacks on the Libyan oilfields, which forced a decrease in supply that balanced demand concerns after a major aftershock of the 11 March earthquake hit Japan.

The North Atlantic Treaty Organization and Libyan leader Moammar Gaddafi have accused each other of launching attacks on oilfields and associated infrastructure, but both parties deny these allegations.

The International Monetary Fund noted that the global economy was reaching a state of scarcer oil and that only tighter fundamentals could help the situation.