Oil prices struck $108 a barrel

PanARMENIAN.Net - Oil prices struck $108 Feb 22, as Libyan production was hit by violent protests and concerns grew over spreading unrest in the strategic crude-producing Middle East and North Africa region.

Brent North Sea crude for delivery in April surged to $108.57 a barrel, hitting the highest level since September 4, 2008, before pulling back to $107.75, up $2.01 from Feb 21 closing level.

New York's main contract, light sweet crude for March, known as West Texas Intermediate, hit a high of $94.49. The contract later stood at $94.08, up $7.88 from last week.

Libya is the first major oil exporter to be engulfed by the crisis in the Middle East and the first to see any significant disruption to oil production. Analysts said that much of Libya's oil industry is offshore and should be relatively easy for government forces to secure.

But one major oilfield has already been shut down by industrial action in support of the protests and others have been threatened, they added, RTE reported.