The Dec11 EUA contract appeared to be eyeing a target price above €15.50 ($21.60) but, despite a number of attempts in the first week of March, there was insufficient support for the rise. The shutdown of production in Libya, pushing oil prices to nearly $120 a barrel, appeared to provide support for the contract.. Policy announcements pushed prices towards €16 as the EU revealed its emissions cap for aviation on 7 March, and the next day outlined proposals for energy policy to 2050.