Amid the unpredictability over oil production levels and export volume in Lybia due to the turmoil, over half of 1.6million barrels of Lybian oil production has been shut down according to IEA(International Energy Agency) resource.
As the Egyptian situation is expected to cause serious problems to Europe area’s oil supply, the price of Brent crude oil has risen up more sensitively than WTI’s. On the other hand, WTI moved insensitivley due to US labor market’s unclear recovery signals after financial crisis. Therefore, the price gap has widened to the maximum of 15$/bbl during past 2months.