Oil up amid Libya fears

THE price of oil soared towards $109 per barrel in early morning trade as fighting in Libya continued.

The remnants of forces still loyal to Libyan leader Muammar Gaddafi are fighting rebels for control of the city of Tripoli.

The continued fighting has surprised some in the market, after Brent fell yesterday on hopes for a quick resolution and a speedy restart in exports from the OPEC member.