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Alexkid · 03-04-2011, 03:06 AM

Oil rises to near $103 as Libya conflict escalates
ALEX KENNEDY - The Associated Press

06:06:47AM (ET) Friday,March 4,2011.

SINGAPORE (AP) — Oil prices rose to near $103 a barrel Friday in Asia as Libyan government and rebel forces dug in amid fierce fighting, raising investor fears of protracted oil output cuts in the OPEC nation.

Benchmark crude for April delivery was up 92 cents at $102.83 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $101.91 on Thursday.

In London, Brent crude for April delivery was up $1.01 to $115.80 a barrel on the ICE Futures exchange.

On Thursday, rebels bolstered defenses around Libya's second-largest oil refinery in Brega while government fighter jets bombed nearby the Mediterranean port city. Libyan leader Moammar Gadhafi's regime apparently has stepped up its recruitment of mercenaries from other African countries, with an official in neighboring Mali saying that 200 to 300 men have left for Libya in the last week.

President Barack Obama reiterated calls for Gadhafi, who has been in power for 41 years, to resign and leave the country.

Analysts say oil prices could stabilize if the political upheaval that has swept through North Africa and the Middle East doesn't spread to other crude-producing countries. About 1 million barrels a day of Libya's 1.6 million capacity has been shut down because of the crisis.

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03-04-2011, 03:06 AM	#1
Alexkid Your World & Experience Join Date: Jan 2009 Location: Eastern Time Zone Posts: 6,877 Rep Power: 10	Oil rises to near $103 as Libya conflict escalates Oil rises to near $103 as Libya conflict escalates ALEX KENNEDY - The Associated Press 06:06:47AM (ET) Friday,March 4,2011. SINGAPORE (AP) — Oil prices rose to near $103 a barrel Friday in Asia as Libyan government and rebel forces dug in amid fierce fighting, raising investor fears of protracted oil output cuts in the OPEC nation. Benchmark crude for April delivery was up 92 cents at $102.83 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $101.91 on Thursday. In London, Brent crude for April delivery was up $1.01 to $115.80 a barrel on the ICE Futures exchange. On Thursday, rebels bolstered defenses around Libya's second-largest oil refinery in Brega while government fighter jets bombed nearby the Mediterranean port city. Libyan leader Moammar Gadhafi's regime apparently has stepped up its recruitment of mercenaries from other African countries, with an official in neighboring Mali saying that 200 to 300 men have left for Libya in the last week. President Barack Obama reiterated calls for Gadhafi, who has been in power for 41 years, to resign and leave the country. Analysts say oil prices could stabilize if the political upheaval that has swept through North Africa and the Middle East doesn't spread to other crude-producing countries. About 1 million barrels a day of Libya's 1.6 million capacity has been shut down because of the crisis. -------------------------------------------------------------- * Final posting situation as it continues at this time. * __________________ Yeah...Do That.

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