Oil Prices Surge Again on Fighting in Libya

Oil prices surged again Friday amid reports that the fighting in Libya damaged the country’s oil fields and on a weaker dollar that has made commodities cheaper for investors with other currencies. Equity markets on Wall Street moved with a narrow range on Friday as investors watched for news from Washington about a possible government shutdown.

The price of benchmark crude for May delivery was up $1.02 at $111.32 a barrel, the highest since September 2008, in early trading in New York. The contract rose $1.47 on Thursday to settle at $110.30.

In London, Brent crude for May delivery was up $2.05 to $124.72 a barrel.

The large spread between the two prices has been attributed to the belief that Europe has a higher exposure to the scarcity of Libyan oil exports, and the big American stockpiles of crude and gasoline.

Read Full Article from New York Times

- Posted: 2011-04-08 10:24:25

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