Oil prices rise as investors fret over Mideast unrest

Worried That violent protests in Libya 'Could Spread Across the oil-rich Middle East, investors Continued Thurs send the price of a barrel of crude Thurs record levels on Tuesday.

In New York, crude oil futures hit a two-year high as the benchmark West Texas Intermediate jumped Nearly 7 per cent, to U.S. $ 92 Fri barrel on the last trading day for the March contract. Trading on the April contract was also Life at ITS Highest point since Oct. 2, 2008, Up Nearly 6 per cent to U.S. $ 95.59 Fri barrel.

In London, Brent crude oil futures for April delivery Also hit a new two-and-a-half-year high of $ 107, But Analysts Predicted the price nudged climb to $ 110 a Barrel Within weeks, said BNN's Michael Kane, noting it nudged plane Go Even Higher Than That.

"This is undoubtedly going to show up at the pump"One of These Days. Political Turmoil in the Middle East is having "a direct effect is Prices for oil," Kane Told CTV's Canada AM on Tuesday.

The knock-on effect has seen Already a host of airline stocks - Including Delta Air Lines, American Airlines parent AMR Corp., U.S. Airways Group and Continental United - all fall by 5 per cent "when trading resumed on the Canadian and U.S. Financial markets were closed for the long weekend.
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