Oil climbs to highest since 2008 on Libya conflict
NEW YORK (AP) -- The price of oil rose past $106 a barrel on Thursday as fighters loyal to Moammar Gadhafi pushed back rebels from key areas in eastern Libya.
Benchmark west Texas Intermediate crude gained $2.04 at $106.31 in morning trading on the New York Mercantile Exchange. That's the highest it's been since September, 2008.
In London, Brent crude rose $1.98 to $116.93.
Energy traders are worried that ongoing unrest in North Africa and the Middle East will disrupt global oil supplies from OPEC countries like Saudi Arabia and Iran.