SINGAPORE: Oil was higher in Asian trade Wednesday as the turmoil unfolding in the Arab world continued to rock Libya, a major crude exporter, analysts said.
New York's main contract, light sweet crude for April delivery, rose four cents to US$95.46 per barrel.
Brent North Sea crude for delivery in April went up 22 cents to US$106.
"Sustained protests (in the Middle East) could inject huge amount of uncertainty in the oil market in the medium term," said Chen Xin Yi, a Singapore-based commodities analyst for Barclays Capital.
The unrest in the key oil-producing Middle East and North African region which includes Libya, Bahrain, Yemen and Iran has stoked fears of disruption to global crude supplies, analysts said.
Libya, which has Africa's largest oil reserves and is the continent's fourth largest producer, is a member of the Organisation of the Petroleum Exporting Countries (OPEC), the cartel that produces about 40 per cent of global supplies.
New York's main contract, light sweet crude for April delivery, rose four cents to US$95.46 per barrel.
Brent North Sea crude for delivery in April went up 22 cents to US$106.
"Sustained protests (in the Middle East) could inject huge amount of uncertainty in the oil market in the medium term," said Chen Xin Yi, a Singapore-based commodities analyst for Barclays Capital.
The unrest in the key oil-producing Middle East and North African region which includes Libya, Bahrain, Yemen and Iran has stoked fears of disruption to global crude supplies, analysts said.
Libya, which has Africa's largest oil reserves and is the continent's fourth largest producer, is a member of the Organisation of the Petroleum Exporting Countries (OPEC), the cartel that produces about 40 per cent of global supplies.
AND NOW IMAGINE "A WORLD WITHOUT OIL"
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