NEW YORK — Oil prices settled slightly lower Friday after a volatile day marked by a U.N. resolution to use force to stop Moammar Khadafy’s violent attacks on rebels followed by a Libyan announcement of a cease-fire in hostilities.
Benchmark West Texas Intermediate crude for April delivery fell 35 cents to settle at $101.07 per barrel. It rose as high as $103.66 earlier in the session as the U.S., the Britain and France prepared for military action against Libya under a U.N. resolution. In London, Brent crude lost 88 cents to settle at $113.77 per barrel on the ICE Futures exchange.
Libya’s Foreign Minister announced a cease-fire shortly after the U.N. voted to authorize a no-fly zone and “all necessary measures” to protect Libyan citizens from forces loyal to Khadafy. There were reports that fighting continued outside the rebel stronghold of Benghazi and elsewhere. The Associated Press
