Oil Climbs to $107 Over Libyan Stand-Off

12 April 2011 (Last Updated April 12th, 2011 18:30)

US crude rose to $107 a barrel after an African Union-sponsored peace plan collapsed in Libya. US crude climbed 25¢ to stand at $107 a barrel, while Brent crude rose 80¢ to $122 a barrel. The drop in prices was also attributed to fall in petrol and distillate stock

US crude rose to $107 a barrel after an African Union-sponsored peace plan collapsed in Libya.

US crude climbed 25¢ to stand at $107 a barrel, while Brent crude rose 80¢ to $122 a barrel.

The drop in prices was also attributed to fall in petrol and distillate stocks as refinery use slumped, according to data from the American Petroleum Institute.

Agencies such as the International Monetary Fund, International Energy Agency and OPEC said demand for fuel is slowing because consumers are avoiding expensive oil, according to Reuters.