Oil markets reacting to Libyan protests

Another one of those fast-moving stories, with the price of crude shooting up in overseas markets. How that might impact local gasoline prices remains to be seen - most Libyan oil ends up in Europe, not the U.S. But it wouldn't be surprising to see a further uptick in prices, which already have been on a steady climb for the better part of three months. The problem is not so much Libya, per se, but the general volatility throughout the Middle East. Meanwhile, several major oil companies have pulled their workers out of Libya as a result of the unrest, which seems to be growing more serious by the hour. L.A.-based Occidental Petroleum has a presence in Libya, but the production numbers are quite small. (NYT, Platts)