22 Mar 2011

Oil prices rise after Libya air strikes

1:55 pm on 22 March 2011

Oil prices have climbed after a series of air strikes were carried out by coalition forces against Libya.

Brent crude rose $US2 to $116.19 a barrel, while US light crude rose $2.13 to $103.20, before slipping slightly.

Libya is the world's twelfth-largest oil producer and there are concerns about the damage the conflict may do to its facilities, the BBC reports.

Oil prices have been volatile as markets have dealt with a number of issues including the Japan earthquake.