(NEW YORK) -- Oil settled at $91.45 a barrel in electronic trading Monday, up more than six percent. This was the biggest one-day jump in almost three years.
Recent events in Libya could be the main reason for the spike, according to Andrew Lipow, president of Lipow Oil Associates. Lipow says that unlike Egypt and Bahrain, Libya is a significant exporter of light sweet crude, and the oil market is worried about the unrest spreading further in the Middle East. He adds that “over the next seven to 10 days the consumer is going to see rising prices, almost immediately.”
Copyright 2011 ABC News Radio