Crude-oil futures surged as much as $2 a barrel during morning trade in Asia after United Nations-sanctioned air strikes pounded Libya’s air defenses over the weekend, prompting concerns that a prolonged conflict could lead to oil supply disruptions.
Libya exported about 1.2 million barrels a day of crude oil and natural gas last year, comprising more than 5% of imports to the Organization for Economic Cooperation and Development, according to the International Energy Agency.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at $103.05 a barrel at 0722 GMT, up $1.98 in the Globex electronic session and off a session high of $103.35 a barrel. May Brent crude on London’s ICE Futures exchange rose $1.79 to $115.72 a barrel.
Ongoing political unrest in Yemen, Bahrain and Syria over the weekend continued to rattle investors fears of supply issues, adding to bullish oil prices.(Dow Jones News Wire)