Oil Jumps to 2-Year High as Libyan Protests Hurt Production

Oil prices rallies as protests in Libya turned towards civil war, causing at least 300 casualties in capital Tripoli alone. International oil companies and sub-contractors are beginning to shut down oil production and evacuate staff and crude output in the largest African producer has dropped -6% immediately. The market worried that the situation will worsen and result in further disruption in oil production. The more-actively traded WTI April contract jumped +7.55% to 96.48.

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Oil Jumps to 2-Year High as Libyan Protests Hurt Production