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				Oil tops buck-six mark
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					Posted: 
					
						Mar 7, 2011 12:30 PM
					
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					Last Updated: Mar 27, 2012 08:34 AM
				
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				<p>NEW YORK -- The price of crude oil continued its persistent push upward on Monday as violence in Libya escalated.</p>
<p>As of this morning, the price of a barrel of crude oil on the New York Mercantile Exchange hit a new 30-month high, <a target="_blank" href="http://money.cnn.com/2011/03/07/markets/oil/index.htm?iid=EL "><span style="color: rgb(51, 51, 153); ">climbing above $106 a barrel</span></a>.</p>
<p>Oil prices rose nearly 7 percent over the last week.</p>
<p>The latest price hike is mainly a result of embattled Libyan leader Moammar Gadhafi <a target="_blank" href="http://www.washingtonpost.com/wp-dyn/content/article/2011/03/07/AR2011030701703.html?hpid=topnews"><span style="color: rgb(51, 51, 153); ">stepping-up attacks </span></a>on rebels and protestors over the weekend. </p>
<p>Libya is one of the largest oil producers in Africa. Ongoing fighting could continue to disrupt production and put pressure on global supply. </p>
			
				
				
			
				
				
			
			
			
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