Oil price climb near $98 per barrel - WTVM.com-Columbus, GA News Weather & Sports

Oil price climb near $98 per barrel

NEW YORK (AP) - Oil prices continue to climb as forces loyal to Moammar Gadhafi violently clashed with protesters who have expanded their control over the country.

Benchmark West Texas Intermediate for April delivery gained $1.78 at $97.20 per barrel on the New York Mercantile Exchange. WTI rose as high at $97.98 earlier.

In London, Brent crude added $3.84, about 3.6 percent, to $109.62 per barrel on the ICE Futures Exchange.

Libya holds the most oil reserves in Africa and analysts said that nearly one-fifth of its production appears to be shut down.

Saudi Arabia has promised to crank up production to make up for any international supply shortage, but oil markets remain on edge.

Traders are concerned that revolts in Tunisia, Egypt and Libya will spread, disrupting oil exports from the entire region.

Copyright 2011 by The Associated Press. All Rights Reserved.

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