News Report: Oil Price Rises Above $103 As UN Authorizes Libya Strikes

Oil Production Rig
Oil prices rose above $103 a barrel Friday as traders worried the United Nations' authorization of military strikes against forces loyal to Libyan leader Moammar Gadhafi could prolong the conflict and threaten crude exports.

By midday in Europe, benchmark crude for April delivery was up $1.71 at $103.13 a barrel in electronic trading on the New York Mercantile Exchange.