Crude oil climbed above $102 per barrel Wednesday as reports that Kuwait and Saudi Arabia would increase production failed to stem concern about Libya.
Oil prices jumped 3.7 percent Tuesday as violence in Libya escalated. U.S. Federal Reserve Chairman Ben Bernanke told the Senate banking committee the central bank would react, if necessary, to inflation sparked by rising oil prices. Before Tuesday, oil prices had not crossed the $100 barrier since the summer of 2008.
On the New York Mercantile Exchange, April delivery light, sweet crude added $2.11 to a recent settlement to reach $102.44 per barrel. Home heating oil prices added 0.28 cents to $3.0605 per gallon. Reformulated blendstock gasoline prices added 2.95 cents to $3.0295 per gallon.
Henry Hub natural gas prices slipped slightly to $3.818 per million British thermal units.
At the pump, the national average price of unleaded gasoline rose to $3.387 per gallon Wednesday from Tuesday's $3.375, AAA said.
