The price of oil hovered above the $103 a barrel range today as investors continue to worry about potential supply disruptions in North Africa and the Middle East, CNNMoney.com reported.

West Texas intermediate, the primary U.S. oil contract, was up to $103.20 a barrel for April delivery in electronic trading. Brent crude, the benchmark oil contract in Europe, increased to $116.12 a barrel.

Fighting between rebels and forces loyal to Moammar Gadhafi continued, but reports that Venezuela could mediate the crisis in Libya have helped ease the run-up in oil prices, which on Thursday reached a 2 1/2-year high.

“We are hearing rumors that Hugo Chavez will broker peace and bring stability to Libya. … let’s just say we’re skeptical,” said Stephen Schork, publisher of The Schork Report, an energy industry newsletter.

Members of the Organization of the Petroleum Exporting Countries, including Saudi Arabia, have said they will ramp up production to make up for any lost oil due to the conflict in Libya.