Libyan turmoil sends oil prices soaring
The unrest in Libya has sent oil prices soaring on markets, with Brent crude quoted at a 29-month high shortly before mid-day in Europe, DPA reported.
Brent was quoted at 104.43 dollars per barrel, the highest quotation since September 2008, and up 1.91 dollars on Friday's closing price.
German financial institute Commerzbank was cited by the business news wire dpa-AFX as commenting that "the unrest in Libya is behind the (oil) price increase."
Frank Schallenberger, raw materials expert for the Baden- Wuerttemberg bank LBBW, told dpa-AFX that "if the tnesions continue, the price for North Sea Brent could rise to as high as 110 dollars.
"On the oil market, Libya is a completely different matter than Tunisia or Egypt. It is after all the world's twelfth-biggest oil producer."
The uncertainty was fuelled by reported threats by influential tribal leaders in Libya of cutting off supplies to the West within 24 hours if the violence did not stop.
Libya, a member of the oil cartel OPEC, produces 1.6 million barrels per day, of which 1.1 million barrels go for export.