New York: After Muammar Gaddafi's troops recaptured the oil producing towns of Ras Lanuf and Brega from the rebels in eastern Libya, crude oil prices settled near $107 a barrel
on Thursday.

Sweet crude oil price settled at $106.72 a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery also traded sharply higher around $117 a barrel. 

Libya's oil export is of 1.6 billion barrels per day, which account for two percent of world crude supply. It was stopped after anti-government protests broke out in mid-February.

The unrest in Syria, Yemen and Bahrain have also pressured the markets and pushed oil prices higher.