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Oil futures top $103 after U.N. vote on Libya

Oil futures top $103 after U.N. vote on Libya ( CLJ11 ) (by Laura Mandaro)

SAN FRANCISCO (MarketWatch) -- Oil futures shot up in electronic trading late Thursday, at the start of the Asian trading day, after the United Nations Security Council voted 10-to-0 to support the use of "all necessary measures," including the use of a no-fly zone, to protect civilians and rebel forces in Libya from Col. Moammar Gadhafi's forces. Also, The Wall Street Journal reported Egypt's military has begun shipping arms over the border to Libyan rebels, with Washington's knowledge. Oil for April delivery (clj11) gained $1.69, or 1.7%, to $103.13 a barrel on the Globex division of the New York Mercantile Exchange. Oil had ended Thursday's regular session up 3.5% at $101.42 a barrel. Oil had been under $102 before the U.N. announcement.