Retreat from Libya pushes oil higher

NEW YORK, Feb. 23 (UPI) -- An exodus of oil companies from Libya pushed oil prices higher in New York Wednesday.

British petroleum giant BP said Monday it was evacuating staff from Tripoli, where government forces have clashed violently with anti-government protesters. On Tuesday, Repsol YPF and Wintershall, which produce 300,000 barrels of Libyan oil a day, said they would shut down production in the country temporarily. In addition, Eni and Total said they were considering a suspension of work in the country, The Wall Street Journal reported.

At least 20 percent of Libya's oil production, most exported to Europe, is on hold for now, the Journal said.

On the New York Mercantile Exchange, April delivery light, sweet crude oil gained 93 cents to $99.03 per barrel, a two-year high.

Home heating oil prices added 1.36 cents to $2.9302 per gallon. Reformulated blendstock gasoline prices gained 2.12 cents to $2.8889 per gallon. Henry Hub natural gas prices added 0.4 cents from a recent settlement to $3.94 per million British thermal units.

At the pump, the national average price of unleaded gasoline rose to $3.194 per gallon Wednesday from Tuesday's $3.171, AAA said.