Crude Rises; Libyan Tankers Off U.S. Coast

According to a March 2 report from Bloomberg, West African and Caspian Sea crudes surged to the highest in more than two years as European refiners find their grades more suitable for replacing disrupted Libyan exports than offers from Saudi Arabia. Two oil tankers bound from Libya are anchored off the U.S. Gulf Coast near Port Arthur, Texas, according to Bloomberg vessel tracking data, five days after the U.S. imposed sanctions on the North African country.