Oil settles near 100 dollars on violence in Libya
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U.S. crude price surged on Tuesday and settled near 100 dollars as heavier violence in Libya caused concerns about unrest spreading risk in the North Africa and Middle East.
The turmoil in Libya continued on Tuesday. Libya's National Oil Corporation chairman, Shokri Ghanem, said its oil installations were undamaged, but output was halved because of departures by oil workers.
Other countries in the region like Bahrain, Iran and Oman also saw continued protests and clashes, which weighted on the oil markets.
Bernanke said on Tuesday the recent oil prices surge was unlikely to have a big impact on the U.S. economy, but could lead to weaker growth and higher inflation if sustained.
Traders and investors are now waiting for the weekly U.S. crude stocks report scheduled to be released by the Energy Information Administration on Wednesday.
Light, sweet crude for April delivery gained 2.66 dollars, or 2. 74 percent to settle at 99.63 dollars a barrel on the New York Mercantile Exchange, the highest level since September 2008. In London, Brent crude also surged 3.62 dollars, or 3.24 percent to settle at 115.42 dollars a barrel, its highest settlement since August 2008.
