Libya unrest sends stocks lower, oil prices higher

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Posted: Feb 22, 2011 1:10 PM
Source: Associated Press

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Topics: Libya, oil prices, stocks, Moammar Gadhafi, oil production, Chevron Corp., Delta Air Lines Inc., American Airlines, AMR Corp., United Continental Holdings Inc., US Airways Group Inc., WBRZ

NEW YORK - Stocks fell sharply and oil prices spiked as investors became worried about increasingly violent unrest in Libya.

Oil prices rose 6 percent to $95 a barrel Tuesday.

The fight between protesters and forces loyal to the Libyan leader Moammar Gadhafi threatens the country's oil production.

Libya is the world's 18th largest oil producer.

Oil producers rose.

Chevron Corp. gained 2.5 percent.

Airline stocks fell on the prospect of higher fuel costs.

Delta Air Lines Inc., American Airlines parent AMR Corp., United Continental Holdings Inc. and US Airways Group Inc. all dropped by 5 percent.

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