Crude Oil Hits $100 But Where Are The Riots like in Libya Tripoli Good Morning Obama
Oil prices hit $100 per barrel but where are the riots in the streets? Oil prices hit $100 per barrel Wednesday as forces loyal to Libya's Moammar Gadhafi clashed with protesters expanding their control over parts of that OPEC nation. In afternoon trading benchmark West Texas Intermediate crude for April delivery was up $3.48, or 3.7 percent, at $98.90 per barrel on the New York Mercantile Exchange. Prices climbed as high as $100 earlier in the day, hitting triple digits for the first time since Oct. 2, 2008. WTI has jumped 18 percent since Valentine's Day. In London, Brent crude added $5.33, or 5 percent, at $111.11per barrel on the ICE Futures exchange. The rebellion in Libya, which has the most oil reserves in Africa, follows uprisings in other North African countries that have ousted leaders in Tunisia and Egypt. As protests widened in Libya, French oil giant Total said it started to wind down its oil production in the country, which produced an average of 55000 barrels per day last year. That follows similar moves by other oil companies working in the country. The country's biggest oil producer, Eni, idled operations that produce 244000 barrels of oil and gas per day. Spain's Repsol-YPF and Austrian oil company OMV also suspended operations. YOU MIGHT ALSO BE INTERESTED IN Dow Drowns in Sea of Crude, Dives 178 'Deadliest Catch' Star Justin Tennison Found Dead in Alaska Hotel Room Rhode Island City Issues Layoff Notices to All Teachers Judge: Plea Deal for Lindsay ...
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