U.S. crude for April delivery rose 2.8 percent to settle at $98.10 per barrel after soaring as high as $100.Ugg boots
Brent, which has posted the biggest three-day gain since October 2009, rose 5.3 percent to settle at $111.25, its highest close since before the collapse of U.S. investment bank Lehman Brothers in 2008.Ugg Outlet;Ugg Outlet Store
The standoff between an increasingly isolated Libyan strongman Muammar Gaddafi and rebel factions now in control of oil-rich eastern Libya has cut output in the world's No. 12 crude exporter by at least 25 percent, or 400,000 barrels a day, according to Reuters calculations.
The death toll from Gaddafi's attempts to crush a revolt against his four-decade rule may already be as high as 1,000 people, Foreign Minister said.,Wholesale Ugg,;UGG Bailey Button Boots
Austria's OMV was the latest oil company to confirm it was cutting production in Libya, although some crude shipments were still leaving the country, with at least three oil tankers dispatched since Tuesday.
The unrest has traders wondering when OPEC and its kingpin producer Saudi Arabia could boost oil output and stem the price surge. Saudi officials have said the kingdom, which holds the bulk of OPEC's spare production capacity, would act to make up for any major disruption.
"It is imperative the Saudis release some extra barrels into the market now to calm the situation, rather than simply trying to talk the price down," said Edward Meir, an analyst at MF Global in New York.
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Oil's surge fed worries about the impact of energy prices on the U.S. economy, dragging equities markets lower. In 2008, crude's advance to a record $147 a barrel cut demand and contributed to the deepest global economic downturn since World War Two.
U.S. oil prices rallied through a long-term uptrend resistance, on course for the biggest weekly gain since the financial crisis.UGG Ascot Slippers;UGG Fluff Scuff Ii;UGG Bags;UGG Classic Argyle Knit
Prices seesawed in a range as wide as $5 a barrel through the day, as traders mulled whether popular revolts sweeping across North Africa could spread to big crude exporters like Saudi Arabia.
"Oil prices are not likely to fall any time soon," said Shelley Goldberg, commodities and energy strategist at Roubini Global Economics in New York.UGG Classic Cardy Boots;UGG Classic Mini Boots;UGG Classic Short Boots
"It's not all about Libya, but a fear these movements will spread further across the Middle East and North Africa region. We're no longer in the early stages of uprisings, but we're probably somewhere in the middle stages, with more ahead."UGG Classic Tall Boots;UGG Coquette Slippers;UGG Infants Erin Boots;UGG Margot
Protests may grow in Bahrain or spill over into neighboring Saudi Arabia. While the Saudi royal family has faced no opposition in the streets, hundreds of people on Wednesday backed a Facebook page campaigning for a "day of rage" across the country next month.UGG Nightfall Boots;UGG Ultimate Bind Boots;UGG Ultra Short Boots;UGG Ultra Tall Boots 2.24labe