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Crude Oil Prices Surge Amid Libya Woes

Crude oil prices rose Monday amid reports that Libya is suffereing supply interruptions.

A major pipeline went down yesterday, the second important Libyan installation to go down in the past few weeks.

April WTI oil climbed $1.32, or 2.2%, to settle at $62.57/bbl.

On the U.S. economic front, the Institute for Supply Management released a report showing a slight slowdown in the pace of growth in the service sector in the month of February.

The ISM said its non-manufacturing index edged down to 59.5 in February from 59.9 in January, although a reading above 50 still indicates growth in the service sector. Economists had expected the index to dip to 59.0.

by RTT Staff Writer

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