Oil prices may surge to $220/barrel if political unrest in North Africa halts exports from Libya...

|By:, SA News Editor
Oil prices may surge to $220/barrel if political unrest in North Africa halts exports from Libya and Algeria, Nomura Holdings says in a research note. OPEC spare capacity would be reduced to 2.1M barrels/day, Nomura forecasts, similar to levels seen during the Gulf war and when prices hit $147 in 2008.