Libyan turmoil fuels oil price level

Car fuel sold at petrol stations in Austria is set to become significantly more expensive.The price for one barrel of Brent oil reached a three-year high at nearly 120 US dollars (87 Euros) today (Thurs) due to the riots in Libya, a major oil producing country. The cost for one barrel or 159 litres of Brent oil is a crucial factor for price developments for heating oil, car petrol and other mineral oil products across the world.Libya – where hundreds of people have been killed by the army and fighting squads hired by the regime of Muammar al-Gaddafi in the past few days – produces approximately 1.6 million barrels of oil a day.Meanwhile, the Greens have appealed on all Austrian companies to stop their business activities in the country due to the current situation.Party chief Eva Glawischnig especially appealed on oil and gas company OMV to abandon its engagement in Libya immediately. “All money spent there and earned from doing business in Libya is blood money,” she said yesterday.