25 Feb '11, 9pm

Oil climbs as supply fears persist

NEW YORK: World oil prices edged upward on Friday as worries persisted that escalating unrest in the oil-rich Middle East and North Africa might choke supply. New York's light sweet crude for April, known as West Texas Intermediate (WTI), closed up 60 cents to $97.88 a barrel on Friday, though still off the intra-day high on Thursday of $103.41, a level last seen in September 2008. Brent North Sea crude for delivery in April rose 78 cents to $112.14 per barrel, having rocketed on Thursday to $119.79 - the highest level since August 2008 - before sliding lower on profit-taking. "Behind this volatility is the great uncertainty on the scale of supply outages in Libya and as to which country can compensate for these losses," said Commerzbank analyst Carsten Fritsch. "Saudi Arabia has declared its willingness to compensate for the supply losses from Libya. "However, many refine...

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

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