The Hindu : Front Page : Oil soars to $120 a barrel

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Friday, Feb 25, 2011
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Oil soars to $120 a barrel

LONDON: London Brent crude rocketed close to $120 a barrel on Thursday, a level unseen since mid-2008, as the rising instability in Libya stoked supply jitters across the Middle East and beyond.

Brent North Sea crude for delivery in April rallied as high as $119.79 a barrel, the highest level since August 22, 2008.

It smashed past $110 on Wednesday as Libya was gripped by fresh violence.

At the same time, New York's light sweet crude for April, known as West Texas Intermediate (WTI), jumped to $103.41, a level last witnessed in late September 2008.

The market has spiked higher this week as foreign energy companies have halted or slashed their output from Libya as a result of the violence. Spain's biggest oil company, Repsol, stopped production there earlier this week.

Serious threat: Putin

Russian Prime Minister Vladimir Putin has warned that rocketing oil prices amid instability in Libya posed a ‘serious threat to the world.'

Speaking in Brussels after talks with the European Commission, Mr. Putin said Russia saw “numerous risks and threats in connection with the price for fuel and energy at the level of $118 a barrel which represents a serious threat to the world.” — AFP

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