Oil holds near 2-1/2 year highs on Libya revolt


Reuters
February 22, 2011

Oil prices held firm near 2-1/2 year highs on Tuesday as the revolt in Libya disrupted more supplies, but there was no repeat of Monday’s spike as both OPEC and the IEA said they could help meet any shortage.

Turmoil in Libya drove prices as much as 6 percent higher in the previous session, taking Brent crude in London to almost $109 a barrel for the first time since 2008.

In a defiant speech on Tuesday, Libyan leader Muammar Gaddafi refused to step aside on Tuesday and threatened tougher action against protests, as rebel troops said eastern regions, including major oilfields, had broken free from his rule.

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