Asia Bizz: The situation in Libya is utterly disturbing and it is certainly taking a toll over each industry and product in connection with it, especially speaking of oil. Â The price of the conventional fuel has touched a new high and has reached to a the highest level ever clocked in more than two years.
Crude oil rates have crossed the three figure mark and reached the highest of $103.41 a barrel. These surging prices are scaring many investors around the world, especially in Asia where the consumption of fuel is the highest. Stock markets are taking a massive hit due to the rise in oil prices.
There were relatively small gains registered in Shanghai, Hong Kong and Taiwan stock exchange, as they had a tough day on Wednesday. The oil price rise will boost the costs of day to day commodities and the transportation sector will the worst hit. The UN has ordered Libya to bring peace in the country as soon as possible and stop using retaliative force against the people.
The unrest in Libya comes after the increasing turmoil earlier reported in Egypt and Bahrain.