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Brent crude had jumped 2.6% by late afternoon to $105.2 a barrel, its highest level since before the 2008 financial crisis. European energy companies are evacuating some staff from the country, which is a major oil and gas producer for the European market. Sources said, the price of oil has risen in response to the ongoing turmoil in Libya for last five days. Meanwhile shares in Italian oil firm ENI - which is active in Libya - ended Monday trading 5.1% lower. The Italian company said on Monday that its operations were unaffected by the violence. Italy buys about one-third of Libya's oil and gas exports, making it the country's biggest customer by far. ENI has been buying gas from Libya for decades, and is at the centre of a close political relationship between the two countries, according to one analyst. In 2008-09, the Libyan government had considered buying an up-to- 10% stake in ENI , although the investment did not go ahead. Some 13% of the company's reven

Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally. European benchmark ICE Brent crude for February closed 48 cents down at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008. Global benchmark U.S. crude futures, which hit a 26-month high of $91.63 on Thursday, did not trade on Friday with the NYMEX floor closed for the Christmas holiday. Brent, trading at a premium to U.S. crude, has surged partly due to a severe cold snap in continental Europe and Britain. Heavy snow stranded thousands of Christmas travellers in Europe on Friday, threatening to prolong chaos at airlines and rail networks and further boost fuel demand. Analysts said oil could continue its rally on strong global demand and falling inventories in 2011, which promises to be a strong year for risk assets as confidence about the global econ

Transocean, the company that owned the rig behind the Gulf of Mexico disaster, has accused oil giant BP of hiding key data needed for a probe in a recently published strongly worded letter. Transocean accused BP of trying to stop any other entity from probing the April 20 explosion of the Deepwater Horizon rig, leased by BP, which killed 11 workers and unleashed the worst oil spill in history. BP quickly denounced the letter, which was sent to three members of President Barack Obama's cabinet and leading members of Congress, calling it a "publicity stunt" to deflect Transocean's responsibility. Transocean said BP had stopped even acknowledging requests for documents that "only BP has and that are critical to an honest assessment of the incident and the identification of possible improvements for the entire industry." "BP has continued to demonstrate its unwillingness, if not outright refusal, to deliver even the most basic information to Transocean,&qu

Oil prices wallowed below $75 a barrel Friday in Asia as a spate of weak figures on the U.S. economy added to expectations that demand for crude will weaken. Benchmark crude for October delivery edged up 2 cents to $74.45 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 99 cents to settle at $74.43 on Thursday. Crude prices have retreated nearly 8 percent in the past two weeks amid evidence of slowing economic growth. Prices rebounded Tuesday but the rally was short-lived after a U.S. report showed crude inventories fell less than expected last week as demand remained sluggish. Adding to the gloom, the U.S. Labor Department said Thursday that jobless benefit claims rose last week while the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region dropped during August. Fewer jobs mean fewer people filling their tanks to drive to work. Also, fewer vacationers will be on the road after Labor Day