Gadhafi Vows Defiance; Oil Nears $103
Updated from Sunday, March 20
NEW YORK ( TheStreet) -- Allied forces struck Libya for a second night and oil prices rose to about $103 a barrel as Libyan leader Moammar Gadhafi voiced defiance against allied attacks.
Benchmark crude for April delivery rose $1.65 to $102.72 in electronic trading on the New York Mercantile Exchange. The intraday high was $103.35 a barrel. The contract fell 35 cents to settle at $101.07 per barrel on Friday.
Gadhafi, in a phone call to state television, said, "We promise you a long war," The Associated Press reported. The dictator has ruled Libya for 41 years.Gadhafi also warned that Western powers wouldn't get Libya's oil, suggesting his forces may sabotage crude installations, AP reported. A military coalition of the U.S., France, U.K. and other nations bombed tanks and anti-aircraft sites Sunday and deterred Libyan fighter jets from flying, AP reported. Gadhafi said he wouldn't resign and pledged to continue to attack the eastern rebel stronghold of Benghazi.
|AP Photo/Anja Niedringhaus|
|A bus burns on a road leading to the outskirts of Benghazi Sunday.|
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