Oil surges after Libya airstrike near oil terminal

Reuters
March 2, 2011

Oil prices jumped to near 2-1/2 year highs on Wednesday after an airstrike near Libya’s oil infrastructure kept the market braced for a prolonged disruption from the OPEC nation and worried unrest might spread to other regional producers.

Fresh airstrikes hit Brega, about 2 kilometers (1.2 miles) from a Libyan oil terminal, after embattled leader Muammar Gaddafi launched a land and air offensive to retake territory in Libya’s east.

The reprisal sparked calls from rebels for foreign air strikes on African mercenaries they said were helping him stay in power.

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