Oil rose more than $1 a barrel to over $112 on Friday as unrest in Libya sparked fears of supply shortages, despite assurances by top oil exporter Saudi Arabia that it would step in to fill any shortfall.
Unrest has cut a large chunk of Libya's output of 1.6 million barrels per day, prompting Saudi Arabia to launch talks with European companies that buy most of Libya's oil exports.
Brent crude for April delivery rose $1.31 to $112.67 a barrel by 0523 GMT. Prices briefly surged to a 2-1/2-year high of $119.79 on Thursday before settling at $111.36.
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