Oil Surges 4%
February 21st, 2011Via: CNN:
Oil prices surged more than 4% early Monday as antigovernment protests in the Middle East and Africa intensified, raising worries about possible supply disruptions.
Crude oil for April delivery gained $3.80, or 3.8%, to $93.51 a barrel after earlier jumping as high as $93.75.
U.S. oil prices have been trading in a range between $88 and $94 a barrel since the start of the year but prices have been much higher in other parts of the world.
Brent crude, the benchmark European oil standard, hit a 2-1/2-year high of $105 a barrel before retreating slightly. An overhang of supply has been keeping U.S. prices on the low side … for now.
