Crude oil price hits two-year peak

Petrol prices are expected to rise later this week. Photo / APN

The price of crude oil has raced higher in New York, reaching a fresh two-year peak.

The unrest in Libya is driving speculation. Light sweet crude closed at $104.42 a barrel.

In London, Brent crude for April closed at US$115.97.

The AA says prices at the pumps here have already jumped five cents a litre this morning and another rise is on the way within the next week.

The AA's PetrolWatch says prices have reached a 30-month high.

- NEWSTALK ZB