The price of Brent crude oil has surged to its highest level in London in about two-and-half years over concerns that Libya's oil supply may decrease due to the current unrest in the country.
The price of Brent oil futures on Thursday rose at one point to nearly 120 dollars a barrel, the highest since August 2008.
Market sources say buy orders for oil increased following speculation that oil production was partly suspended in Libya and some of the country's ports were closed.
The sources also say oil markets are concerned that the political unrest may spread to other oil-producing countries.
Thursday, February 24, 2011 20:55 +0900 (JST)