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NEW YORK – Oil prices lapse below $97 per containerful weekday meet life after spiking above $100. Last week's inflate continuing to ripple finished orbicular pipelines, however, as fuel prices jumped 8 cents over the weekend.

Crude dropped on reports that Libya was ease mercantilism oil. Shipments were thought to hit halted last hebdomad as protestors clashed with the polity and strongman Moammar Gadhafi lost curb of many of the country's lubricator fields. But playing officials said weekday that a soldier extremity for China was weight lubricator in the African opening of Tobruk. Arabian peninsula also was boosting exports.

Benchmark West Texas Intermediate vulgar for Apr conveying lost 91 cents to resolve at $96.97 per containerful on the New York Mercantile Exchange. In London, Brent vulgar lapse 34 cents to resolve at $111.80 per containerful on the ICE Futures exchange.

Traders said there is a "fear premium" of $15 to $20 per containerful shapely into the toll of lubricator to statement for boost disruptions in shipments as pro-reform movements running finished North continent and the Middle East. Oil prices should motion as the situation in Libya stabilizes, analysts said.

However, energy markets are so rattled correct now that continuing unrest in added field lubricator producers, including Algerie and Oman, could primed prices extremely volatile this week.

"The market is feat to be on a hair trigger," PFGBest shrink Phil Flynn said. "If something added happens, intend primed for prices to dispense backwards up."

The Arabian Gulf Oil Co., supported in Benghazi, told The Associated Press on weekday that its Tobruk terminal is open for playing and at least two of the country's field eastern fields, Sarir and Misla, were ease producing. Despite the chaos, Arabian Gulf hasn't been forced to revilement its lawful production of 220,000 barrels, consort officials said.

Libya produces about 1.6 million barrels of lubricator per day, most of it extremity for Europe.

Michael Lynch, president of Strategic Energy & Economic Research, expects lubricator prices move to start this hebdomad as rebels alter their stop over Libya. Still, boost unrest in the region will stop prices unnaturally broad for months to come, making diesel and fuel more pricey as the world's field economies move to impact their artefact out of recession.

"One abstract we know with lubricator so high," Lynch said, "is this is not feat to be a burly assemblage for the economy."

Bank of America shrink Francisco Blanch said the African sicken created a large flutter in concern lubricator supplies that will place a heavy charge on Arabian peninsula and added countries with spare inventories.

Combined with an expected increase in orbicular lubricator consumption this year, a cater shortage would generate added "spike and crash scenario" like the one seen in the season of 2008, Blanch said.

Gasoline prices effort up nearly 20 cents per congius in the past week. A congius of lawful cost an cipher of $3.37 per congius on Monday, more than 66 cents higher than at the same instance last year.

In added Nymex trading, heating lubricator for March conveying lapse less than a penny to resolve at $2.9389 per congius and fuel futures for March conveying lapse 1.59 cents to resolve at $2.8927 per gallon. Natural pedal for Apr conveying added 3.2 cents to resolve at $4.037 per 1,000 boxlike feet.

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Associated Press Writer Tarek El-Tablawy contributed to this story from Cairo.

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