22 Mar 2011OIL prices surged yesterday on concern about supply from Libya, Africa’s third-biggest producer, with analysts expecting a prolonged effect on supply.
"Events of the past few weeks will prove to cement a period of volatility, if not necessarily rising prices in the next few years," Johannes Benigni, MD of Austria-based JBC Energy, said yesterday.
Brent crude for April delivery rose as much as 3% yesterday to 1,76 — its biggest percentage gain since the beginning of the month.
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