NEW YORK, March 1 (UPI) -- Crude oil prices climbed past $98 per barrel Tuesday as concern over oil supplies from Libya rattled traders.
Recent clashes between pro-government and anti-government forces in Libya have escalated, but oil from rebel-held areas has begun to flow out of the country. Saudi Arabia and Kuwait are also working on filing the gap created by chaos in Libya, which the International Energy Agency estimated had reduced global production by 1 percent.
On the New York Mercantile Exchange Tuesday, prices for April delivery West Texas Intermediate crude oil jumped $1.53 to $98.50 per barrel. Home heating oil prices gained 5.28 cents to $2.9917 per gallon. Reformulated blendstock gasoline prices rose 5.16 cents to $2.9439 per gallon.
Henry Hub natural gas prices shed 9.8 cents to $3.939 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose to $3.375 per gallon from Monday's $3.368, AAA said.
