This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

However, it appears allied forces have kept anti-Gadhafi rebels from being overrun in Benghazi.

National Security Adviser Thomas Donilon told reporters traveling with President Obama in Brazil that "the efforts here have made a real difference in terms of the threat that was looming over Benghazi," The Wall Street Journal reported.

Donilon said U.S. officials and Libyan rebel leaders believe the military actions "have prevented what could have been a catastrophe at Benghazi," the Journal reported.

President Obama Saturday authorized limited military action against Libya, saying the regime of Gadhafi had left the coalition with no other choice, the AP said.

"This is not an outcome the U.S. or any of our partners sought," Obama was quoted saying from Brazil, where he was meeting with with Brazilian counterpart, President Dilma Rousseff. "We cannot stand idly by when a tyrant tells his people there will be no mercy."

Gadhafi has conducted a bloody crackdown on antigovernment rebels after the wave of protests that swept Arab nations arrived in Libya more than a month ago.

Top officials from 22 nations had gathered in Paris for an emergency meeting Saturday following Thursday's U.N. Security Council resolution ordering a cease-fire in Libya.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs