24 Aug '11, 3am

Brent crude nears US$110 on Libya crisis

SINGAPORE: Brent crude rose higher to nearly $110 a barrel in Asian trade Wednesday, underpinned by the crisis in oil-rich Libya, analysts said. In morning trade, Brent North Sea crude for October delivery advanced 50 cents to $109.81 a barrel from Tuesday's close of $109.31. New York's main contract, West Texas Intermediate (WTI) light sweet crude for October delivery added 18 cents to $85.61 a barrel. Brent is more affected than WTI by the situation in Libya as oil from the North Sea as well as from Libya serve the European markets. Around 85 percent of Libyan oil output was exported to Europe until the revolt disrupted the country's production six months ago. Initial euphoria that Libyan oil production will resume pre-crisis levels soon evaporated as it was evident that the North African country will take more time than expected to get its facilities ready for operation...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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