Following a fire at Libya's Sarir field and widespread concern that unrest in the region could further curtail supply, crude oil surged above $111 a barrel in New York and surpassed $124 a barrel in London for the first time since 2008.
In electronic trading on the New York Mercantile Exchange, crude for May delivery ascended as much as $1.60, or 1.5 per cent, to $111.90 a barrel, the highest since September 22, 2008.
On the London-based ICE Futures Europe Exchange, Brent oil for May settlement increased as much as $2.17, or 1.8 per cent, to $124.70 a barrel—the highest since August 4, 2008.
Source : Exim News Service - London, April 10