Unrest in Libya pushes Brent oil price to $111 a barrel
price of Brent crude oil has hit $111 a barrel, and US crude also rose in price, as worries persist about the unrest in Libya.

Markets are concerned the trouble could worsen in key oil producing countries, affecting supplies and hitting growth.

The price of Brent rose more than $5 a barrel, to $111.25.

And US light sweet crude oil prices hit $100 a barrel for the first time since October 2008, before settling up 2.8% at $98.10 a barrel.

It comes as the White House said it was watching oil prices.

“We are obviously monitoring this very carefully and we are concerned about it,” White House spokesman Jay Carney said.

Meanwhile, Total has became the latest European oil firm to act, saying it was “beginning to suspend” its production in Libya.

Spanish oil firm Repsol and Italy’s ENI partly suspended operations in the North African country earlier this week.

Libya is the world’s 12th-largest exporter of oil and the majority of its output goes to Europe.