This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-12644002

The article has changed 7 times. There is an RSS feed of changes available.

Version 0 Version 1
Oil prices rise as Libyan unrest continues Oil prices rise as Libyan unrest continues
(about 3 hours later)
Crude oil prices have hit a two-and-a-half year high amid concerns that the unrest in Libya could turn into a full-blown civil war. US crude oil prices have hit a new two-and-a-half year high amid concerns that the unrest in Libya could turn into a full-blown civil war.
US crude futures for April rose by $1.81 to $106.23 per barrel, the highest price since September 2008. US light crude futures for April rose by $2.02 to $106.44 a barrel, the highest price since September 2008.
Brent crude gained $1.17 to $117.14 per barrel. Brent crude gained $1.53 to $117.40 a barrel nearing its recent $119.79 high.
There are concerns that the continuing unrest in Libya could send oil prices even higher, derailing the global economic recovery. Meanwhile, Asian stock markets suffered on fears rising energy prices could derail the global recovery, with the Nikkei ending the day 1.8% lower.
Shares also fell in Hong Kong, Sydney and Bombay, as concerns mount that the continuing unrest in Libya could send oil prices even higher.
The Shanghai Composite index ended the day 1.8% higher, but largely due to a surge in the value of energy companies, including a 10% jump in China Shenhua Energy Company.
Fear factorFear factor
The US has indicated that it is considering tapping its oil reserves as one way to help ease soaring prices.The US has indicated that it is considering tapping its oil reserves as one way to help ease soaring prices.
But even that news failed to calm the markets as investors remained jittery about the unrest spreading to other oil-producing nations But even that news failed to calm the markets as investors remained jittery about the unrest spreading to other oil-producing nations.
"The concern is that with what we are seeing in Libya, it's purely fear driving the market," said Jonathan Barratt of Commodity Broking Services."The concern is that with what we are seeing in Libya, it's purely fear driving the market," said Jonathan Barratt of Commodity Broking Services.
"Each time the price moves up a little, people are forced into the market. Once it's feeding itself, it will continue to rise," he added."Each time the price moves up a little, people are forced into the market. Once it's feeding itself, it will continue to rise," he added.
Mr Barratt said US crude prices could peak at $120 a barrel, but only if further supply disruptions did not take place. Mr Barratt said US crude prices could peak at $120 a barrel, even if further supply disruptions do not take place.