U.S. crude rallies near $100 on Libya worries

Wed Feb 23, 2011 5:25pm GMT
 

NEW YORK Feb 23 (Reuters) - U.S, crude oil futures rallied further and were marching rapidly toward $100 a barrel on Wednesday, fueled by fears that the violent upheaval in Libya could spread to the Middle East and North Africa and disrupt oil supplies.

On the New York Mercantile Exchange at 12:19 p.m. EST (1719 GMT), crude for April delivery CLJ1 rose $3.95, or 4.14 percent, at $99.37 a barrel. It earlier hit a session high of $99.74, the highest price intraday since Oct. 2, 2008, when prices hit $100.37. (Reporting by Gene Ramos)

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