Oil Shock as Mideast Spirals
World oil prices advanced on Tuesday despite OPEC kingpin Saudi Arabia’s pledge to ensure sufficient supplies to cover Libya’s production shortfall.
Brent North Sea crude for delivery in April rose 67 cents to $112.47 per barrel.
New York’s light sweet crude for April, known as West Texas Intermediate (WTI), gained 35 cents to $97.32.
Fears about supply disruption due to a wave of unrest in Libya and other countries in the oil-rich Middle East sent Brent soaring close to $120 last week.
Saudi Arabia, OPEC’s largest producer, said on Monday it was committed to the stability of the oil market after Libya’s crude production dropped due to the unrest there.
The Saudi government said the cabinet had met and discussed the protests shaking Libya “and their repercussion on oil production in that country.”