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ECONOMY

Oil prices rise as Libyan unrest continues

07.03.2011 [20:53]
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Baku, March 7 (AZERTAC). US crude oil prices have hit a new two-and-a-half year high amid fears Libya could be facing a full-blown civil war.

US light crude rose by $1.95 to $106.75 a barrel, the highest since September 2008, before falling back sharply.

Brent crude gained $2.43 to $118.4, close to recent highs, before it also slipped back.

The latest price spike follows reported air strikes near the oil terminal at Ras Lanuf, which finds itself on the front line of military conflict.

Meanwhile, European stock markets bounced back from early losses and Wall Street opened higher, boosted by merger and acquisition activity.

However, Asian stock markets saw selling earlier in the day on fears rising energy prices could derail the global recovery, with the Nikkei ending the day 1.8% lower, and Sydney and Bombay down 1.3% each.

An exception was the Shanghai Composite index, which ended the day 1.8% higher, largely due to a surge in the value of energy companies, including a 10% jump in China Shenhua Energy Company.

Middle Eastern markets remained stable, with the Saudi stock market rallying 3.1% in late trading on Monday.

The Tadawul All Share Index had been down 21% since the beginning of troubles in Libya last Wednesday, but it has since recovered and is now only 10% down.

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