Crude near record highs
SINGAPORE- Oil futures settled at the highest level in two and a half years on Wednesday as air strikes continued against Libya and the U.S. reported a sharp decline in gasoline inventories.
Libya's 1.3 million barrels a day of oil exports have been blocked due to the crisis and investors are uncertain how long the fighting will last.
Fears the unrest could spread to other oil producers also has the investors concerned.
However, Saudi Arabia has raised production to help offset the shortfall from Libya.