Oil Keeps Rising, Tops $111 a Barrel



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 Updated:
4/8/2011 10:45:00 AM

Oil prices continued to spike Friday, pushing past $111 a barrel in early New York Mercantile Exchange trading, on continued concerns over Libya’s civil conflict, Bloomberg reported.

Crude futures rose to as high as $111.90 on the Nymex, following Thursday’s $110.30 per-barrel close that was the highest in more than two-and-a-half years, Bloomberg said.

Analysts were concerned over a fire at Libya’s Sarir oil field, bolstering concern that unrest in the region will further reduce supply, Bloomberg said. Libya is a member of OPEC and is the cartel’s seventh-largest producer.

Diesel prices have jumped close to $1 per gallon since November in a steady ascent and are nearing a $4 national average.

 

The all-time high was $4.764 per gallon, set in July 2008 shortly after oil hit its record peak of $145.29 per barrel.

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