April 8, 2011
World oil prices jumped on Friday to their highest levels in more than two years as the market was driven by simmering political tensions in the Arab world and concerns over elections in Nigeria.
Brent North Sea crude for delivery in May hit a high of $124.84, the best since August 4, 2008.
New York’s main contract, light sweet crude for delivery in May, soared to $111.90 — a level last seen in September of the same year.
Prices have risen sharply this week on the back of violent unrest in Libya, popular unrest in the wider Middle East and as the dollar has weakened against the euro.
This article was posted: Friday, April 8, 2011 at 8:24 am