Oil Continues Gains, Tops $108 a Barrel

Oil closed at more than $108 a barrel Monday, its highest level in 30 months, as Libyan fighting centered near a key Mediterranean oil port, Bloomberg reported.

Crude futures rose 53 cents to finish the day at $108.47 a barrel on the New York Mercantile Exchange, Bloomberg reported.

Pro- and anti-government forces in Libya fought near the oil port of Brega, Bloomberg reported, adding that a New York Times report said that two of Libyan leader Muammar Qaddafi’s sons were seeking potential transition-of-power talks in that country.

One oil analyst told Bloomberg that if the Libyan situation calmed down, the price of oil could be reduced by “several dollars” per barrel.

The Department of Energy released its weekly survey of diesel pump-price survey Monday afternoon in Washington, showing the 17th gain in 18 weeks, a 4.4-cent increase to $3.976 a gallon.