US crude jumps $2 on Libya disruption worry

LONDON: US crude oil futures rose by over $2 to as high as $88.42 a barrel on fears political unrest in Libya could disrupt oil exports.

Oil prices extended their rally on Monday after oil major BP said it has suspended preparations for exploratory drilling for oil and gas in western Libya as a result of growing unrest there.

The leader of the Al-Zuwayya tribe in eastern Libya has threatened to cut oil exports to the West unless authorities stopped violence against protesters.