Oil prices top $104 per barrel

Associated Press

NEW YORK

Oil prices rose Tuesday as concerns about political upheaval in North Africa and the Middle East trumped economic data suggesting that consumers are worried about the cost of fuel and food.

Benchmark West Texas Intermediate crude for May delivery gained 81 cents to settle at $104.79 per barrel on the New York Mercantile Exchange. In London, Brent crude added 38 cents to settle at $114.96 per barrel on the ICE Futures exchange.

Energy markets have been rattled by pro-democracy uprisings that have cut off oil exports from Libya and threatened disruptions of crude supplies from major oil producers such as Saudi Arabia and Iran.

Benchmark oil has surged more than 20 percent since last month when fighting broke out in Libya. Libya sits on the largest crude reserves in Africa. Until recently, Libya produced nearly 2 percent of the world’s oil.