BUSINESS

Oil tops USD 106 a barrel

Oil prices rose to a fresh 2-1/2 year high early Monday, climbing above USD 106 a barrel, as the violence in Libya continues to unsettle the market, informs CNN.com. Oil prices rose nearly 7% last week as fighting between rebels and forces loyal to Libyan leader Moammar Gadhafi escalated. The weeks-long conflict showed no sign of abating Monday, with death toll estimates now ranging from more than 1,000 to as many as 2,000. The International Energy Agency estimated Friday that roughly 1 million barrels per day of Libyan oil have been taken off the world market so far, even as some crude shipments have resumed. Libya exported 1.6 million barrels per day in 2010.

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