Oil Rises to Near $103 a Barrel
Oil prices rose $2 early Monday to near $103 a barrel following weekend allied air strikes on Libya, Bloomberg reported.
Crude futures rose to as high as $102.99 a barrel, the highest in more than a week, following the weekend military action against the oil-producing country, Bloomberg said.
Libya — the seventh-largest oil producer among OPEC countries — has reduced its oil output to less than 400,000 barrels of oil a day, from almost 1.6 million bbd in January, Bloomberg reported.
