Libyan forces launched a counterattack against rebel forces on the county’s eastern coast where much of Libya’s crude is refined or shipped abroad, according to Bloomberg. Muammar Gaddafi, speaking on state television, said his government retains still controls all oil fields and warned that gas pipelines could be sabotaged if Libya becomes more chaotic.
Crude for April delivery is currently trading to fresh 2-1/2 year highs, at $102.00 a barrel. In London, Brent crude last traded above $117 a barrel, up nearly 2%. Brent hit a 2-1/2 year high near $120 a barrel on Feb. 24 on the Libyan crisis.