Oil Jumps to Top $112 a Barrel

Oil prices continued to spike Friday, jumping $2.49 to finish the trading week over $112 a barrel on continued concerns over Libya’s civil conflict, Bloomberg reported.

Crude futures rose almost $5 for the week on the New York Mercantile Exchange and have risen almost $16 since the Libyan conflict began in mid-March, Bloomberg said.

Analysts cited concerns 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.

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

The Department of Energy will release its weekly survey of filling stations Monday afternoon in Washington.