Oil rises again, nears $113 a barrel
SINGAPORE — Oil prices rose to near $113 a barrel today in Asia after Libyan rebels said they won’t produce crude for at least a month as they repair fields damaged in fighting.
Benchmark crude for June delivery was up 52 cents at $112.81 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
Oil markets were closed Friday for the Easter holiday. The June contract last settled up 84 cents at $112.29 on Thursday.
In London, Brent crude for June delivery was up 37 cents to $124.36 a barrel on the ICE Futures exchange.
Fighting between forces loyal to Moammar Gadhafi and rebels has shutdown almost all of the OPEC nation’s 1.6 million barrels a day of oil output and contributed to a 34 percent gain in crude prices since mid-February.
Rebels said Sunday that they will need at least four weeks to fix equipment at the key Messla and Sarir oil fields in the rebel-controlled east.
Rising crude prices have pushed gasoline above $4 a gallon in some states. On Saturday, President Barack Obama said the U.S. must develop alternatives to fossil fuel and renewed calls to end $4 billion in subsidies for oil and gas companies.
