Oil jumps above $102 per barrel

Oil prices rose near $102 per barrel Wednesday as fighting escalated in Libya and petroleum demand grew in the U.S. Libya, a major oil exporter to Europe, has been embroiled in a civil war that has shut down oil production in many parts of the country. Forces loyal to Libyan leader Moammar Gadhafi used airstrikes in a battle against protestors for control of a key oil installation in the eastern half of the country.