Oil Prices Near $105 Per Barrel

9 March 2011 (Last Updated March 9th, 2011 18:30)

The price of oil rose to nearly $105 today after followers of the Libyan leader Muammar Gaddafi bombed the country's oil infrastructure, potentially inflicting damage on its long-term exporting capacity. The forces struck an oil pipeline that leads to the town of Es Sider and bombed sto

The price of oil rose to nearly $105 today after followers of the Libyan leader Muammar Gaddafi bombed the country’s oil infrastructure, potentially inflicting damage on its long-term exporting capacity.

The forces struck an oil pipeline that leads to the town of Es Sider and bombed storage tanks in the Ras Lanuf oil terminal area in the eastern section of Libya.

US crude for April increased 36¢ to stand at $104.74 a barrel at 01.11 GMT, and Brent Crude rose 36¢ to $116.30, reports Reuters.

US crude inventories went up by 2.51 million barrels last week, a substantial increase compared with the expected 400,000 barrel rise, according to the Energy Information Administration (EIA).

The falls in petrol and distillate stocks were also bigger than expected, reflecting improving demand, according to the EIA’s weekly inventory data.