Oil Prices Past $100 - Workers Leave Libya

By: Bill Waters - Staff Writer
Published: Feb 23, 2021

Oil Prices Past $100. Oil prices are rising past $100 per berrel for the first time since October 2008 in afternoon trading. Brent crude, which can be shipped around the world and better reflects global demand, is now approaching $112.

Prices have jumped in the past week as protestors in Libya clashed with supporters of Moammar Gadhafi and appeared to gain control over parts of the country. Oil companies working in Libya have pulled workers and idled production operations that provide oil and gas mainly to Europe.

West Texas Intermediate crude for April delivery jumped $2.68, or 2.8 percent, to settle at $98.10 per barrel on the New York Mercantile Exchange. Earlier in the day, prices hit triple digits for the first time since Oct. 2, 2008. WTI has soared 18 percent since Valentine’s Day.

In London, Brent crude added $5.47, or 5 percent, at $111.25 per barrel on the ICE Futures exchange.

French oil giant Total said it started to wind down its oil production in Libya, which produced an average of 55,000 barrels per day last year. That follows similar moves by other oil companies working in the country.

Libya’s biggest oil producer, Eni, idled operations that produce 244,000 barrels of oil and gas per day. Spain’s Repsol-YPF and Austrian oil company OMV also suspended operations. Germany’s Wintershall said it suspended operations that produced up to 100,000 barrels of oil per day. Evacuations of oil company employees and their families continue.


Business NewsBusiness News Stay ConnectedStay Connected

Add our Facebook page to receive updates and participate in new tools and features.Add our Facebook page to receive updates and participate in new tools and features. It's a great way to stay connected with all the latest news.

Receive daily bite-sized updates by following us at Twitter.Receive daily bite-sized updates by following us on Twitter. Receive Tweet-sized 140-character updates on your mobile phone device or PC.

Subscribe to our daily RSS feed to get the latest national news stories.Subscribe to our daily RSS feed to get the latest national news stories. We offer a feed for every topic including business, entertainment, health, politics, science & technology, travel and more.