Oil prices top $110 for first time since September 2008

[Guest guest]

http://news.smh.com.au/breaking-news-world/oil-prices-top-110-for-first-time-sin\

ce-september-2008-20110224-1b5t5.html

Oil prices top $110 for first time since September 2008

February 24, 2011 - 4:54AM

Oil prices topped $110 on Wednesday for the first time since early September

2008 after news that a Libyan fighter pilot had disobeyed orders to bomb

opposition stronghold of Benghazi, analysts said.

The news immediately stoked fears over the position in Libya itself, where many

Western oil companies have suspended operations, and in the wider Middle East

where many countries face protests for change.

In afternoon deals, Brent North Sea crude for delivery in April rallied as high

as $110.35, the highest level since September 2, 2008.

Advertisement: Story continues below At the same time, New York's light sweet

crude for April, known as West Texas Intermediate (WTI), jumped to $97.97, a

level last witnessed on October 2, 2008.

" Following news that a Libyan air force plane crashed near Benghazi after its

crew bailed out as they refused to carry out orders to bomb the city, crude oil

prices spiked and Brent surged above $110 per barrel, while WTI almost tested

$98-levels, " Sucden analyst Myrto Sokou told AFP.

" The oil market reacted straight away to the news that raised further worries

and frustration about the political unrest in the MENA (Middle East North Africa

region). "

A fighter pilot disobeyed orders on Wednesday to bomb Benghazi and ditched his

plane after he and his co-pilot ejected, a Libyan newspaper reported on its

website.

The Russian-made Sukhoi 22 came down near Ajdabiya, 160 kilometres (100 miles)

west of the city which has fallen to anti-regime protesters, a military source

said, quoted in Quryna newspaper.

" Pilot Abdessalam Attiyah al-Abdali and co-pilot Ali al-Kadhafi ejected

with parachutes after refusing orders to bomb the city of Benghazi. "

On Monday, the pilots of two Libyan fighter jets landed in Malta and defected

after they had been ordered to attack protesters in Benghazi.

Moamer Kadhafi's regime has lost vast swathes of Libya's east to an

insurrection, it emerged Wednesday as pressure mounted on the strongman to step

down amid growing evidence of a " bloodbath. "

In recent weeks, oil prices have soared on the back of violent unrest in the

Arab world, with protestors toppling the autocratic leaders of Tunisia and

Egypt.

The unrest in the key oil-producing MENA region which includes Libya, Bahrain,

Yemen and Iran -- all of which have seen uprisings -- has stoked fears of

disruption to supplies, analysts said.

© 2011 AFP

This story is sourced direct from an overseas news agency as an additional

service to readers. Spelling follows North American usage, along with foreign

currency and measurement units.

[Guest guest]

And this time as prices rise, most people won't have any cushion left. They've already cut back as far as they can because of the economy and other issues. Let food and gas prices go up now and there will be trouble. Donning my tin foil hat I'd say that's part of the plan. Economic trouble mean more hands out and politicians will to line them with funny money. Riots mean martial law and suspension of rights and cracking down on political opposition.

In a message dated 2/23/2011 1:15:15 P.M. Eastern Standard Time, no_reply writes:

Oil prices top $110 for first time since September 2008