oil prices

Based on Reuters figures, unrest in the world's 12th-biggest exporter cut the country's output by 400,000 barrels per day.

On the back of escalating oil prices, gold futures for delivery by April also rose $2.1 to $1416.1. Investors fear a hike in inflation across the globe.

Light sweet crude for April delivery gained $2.88 to $100.98 this morning, as investors worry that the unrest in Libya could spread to bigger oil producers, most notably, Saudi Arabia.

Analysts expect oil prices to rise as long as geopolitical tensions remain in Egypt. The fear is that the unrest could trigger similar reactions across the Middle East and North Africa, source of more than a third of the world's

"Exxon Mobil (XOM) is sliding 0.21% to $83.73 in midday trade, despite reporting stronger-than-expected 2010 Q4 earnings of $1.85 per share yesterday.

The Department of Energy said inventories jumped 4.8 million barrels in the week ending Jan. 21, compared to analyst expectations of 900,000 barrels.

Dollar strength is another factor pushing the futures price down. The greenback is gaining against other currencies, especially the Japanese yen.

Checking in on commodities, Thursday - Crude oil is down, hit by the Department of Energy data showing an unexpectedly sharp build in U.S. crude inventories, which indicates slow demand. Light sweet crude oil for March delivery de