Oil near $103 as allied coalition bombs Libya
None
Oil prices jumped to near $103 a barrel Monday in Asia after Libyan leader Moammar Gadhafi vowed a "long war" amid a second night of allied strikes in the OPEC nation.
Fierce fighting during the last month has already shut down most of Libya's 1.6 million barrels per day of crude output. Investors are now concerned international intervention could extend the conflict and keep Libya's oil production out of the market longer than perviously estimated. "The regime in Tripoli shows no sign of giving up," Capital Economics said in a report. "The prolonged loss of Libyan oil could push prices all the way up to the highs above $140 seen in 2008." (AP)
