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News Link • Energy

Brent backs off $120 a barrel oil, eyes on Libyan, Saudi supply

• Reuters

Oil surged more than 7.5 percent to its highest since August 2008 on Thursday on concern that uprisings in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia.

Brent crude oil for April spiked up $8.54 a barrel to a peak of $119.79 before easing to around $114 by 11:15 a.m. EST. U.S. crude futures for April rose as high as $103.41, the highest September 2009. They were up $1.00 at $99.10 at 11:15 a.m. EST.


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