Price of Oil Tops $103 Per Barrel

Reports that Venezuela might help resolve the crisis in Libya eased oil prices slightly.

March 07, 2011

NEW YORK -- Oil prices held above $103 per barrel on Friday because of continued fighting in Libya, CNNMoney reports. West Texas Intermediate, the benchmark of U.S. oil contracts, jumped $1.25 to reach $103.20 per barrel for April delivery. Brent crude, Europe??s main oil contract, soared even higher, advancing $1.33 to reach $116.12 per barrel.

News that Venezuela reportedly will intercede in the Libyan crisis eased oil prices somewhat on Thursday. However, fighting between Moammar Gadhafi forces and rebels continued unabated on Friday, with renewed clashes in Tripoli.

"We are hearing rumors that (Venezuelan President) Hugo Chavez will broker peace and bring stability to Libya... let??s just say we're skeptical," said Stephen Schork, publisher of The Schork Report.

The oil market has experienced ups and downs recently because of investor concern about the Libyan conflict spilling over to other oil-producing countries in the Middle East and North Africa, which could disrupt supply distribution. Saudi Arabia and other Organization of the Petroleum Exporting Countries members have said they would up production to compensate for any loss of output because of the Libyan crisis.

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