Oil nears $120 per barrel on continued unrest

Oil prices have surpassed $119 a barrel as the markets face up to a loss of supply from Libya and fears of potential shortages elsewhere as the Middle East turmoil deepens.
The price of Brent crude futures for April reached $119.79 early this morning, before dropping back to $114 a barrel, following another day of deepening political and economic concern in the Middle East.
The continued unrest in Libya, the world’s 12th largest oil producer, has resulted in shortages of supply as protesters attempt to take hold of parts of the country in the face of Muammar Gaddafi’s brutal crackdown.