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Summary Oil prices jumped above $99 a barrel Monday in Asia as Libya's violent power struggle continued to disrupt crude output in the OPEC nation. Violent protests in Oman also raised fears political upheaval could impact other crude exporters.
Benchmark crude for April delivery was up $1.51 at $99.39 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 60 cents to settle at $97.88 on Friday. In London, Brent crude for April delivery was up $1.37 to $113.51 a barrel on the ICE Futures exchange.The chaos in Libyas oil industry has cut production by at least 750,000 barrels daily, down from its normal capacity of 1.6 million barrels, the International Energy Agency reported late Friday.In Asia, higher crude prices are putting more pressure on central banks to raise interest rates to choke off quickening inflation, moves that could also undermine economic growth.
