Tuesday, March 22, 2011
Associated Press
NEW YORK
Oil prices climbed Monday as energy experts warned that Libya’s oil exports could be off the world market longer than expected and countries including the U.S. enforced a no-fly zone over Libya.
Traders also fretted about other uprisings in the Middle East and how much they could affect production from OPEC heavyweights, Saudi Arabia and Iran. Those two countries produce 12.4 million barrels of oil per day.
Benchmark West Texas crude for May delivery gained $1.24 to settle at $103.09 per barrel on the New York Mercantile Exchange. The April contract, which ends today, rose $1.26 to settle at $102.33 per barrel.
Prices climbed after another violent weekend in Libya. Moammar Gadhafi vowed a “long war” as allied forces smashed his air defenses. On Monday, a top French official said international intervention could last “a while.SDRq