Oil prices rose by over $2 a barrel as a wave of UN-mandated airstrikes on Libya and proliferating unrest in the Middle East fanned concerns about oil supply from the region.

Oil prices rose by over $2 a barrel as a wave of UN-mandated airstrikes on Libya and proliferating unrest in the Middle East fanned concerns about oil supply from the region.

Brent crude for May was up $1.80 to $115.73 a barrel this afternoon after earlier trading over $116, while US crude for April gained $1.81 at $102.88 a barrel.

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