07 Mar '11, 3am

Oil prices rise in Asian trade amid Middle East turmoil: SINGAPORE: Oil rose higher in Asian trade Monday with t...

SINGAPORE: Oil rose higher in Asian trade Monday with the New York contract surging past $105, a new two-year high as turmoil in the Middle East continued to unsettle investors, analysts said. New York's main contract, light sweet crude for April delivery, rose $1.33 to $105.75 and Brent North Sea crude for April delivery was up 59 cents at $116.56. "Oil prices continue to be on the up trend primarily due to the deepening conflict in Libya, and concerns about the protests spreading to other parts of Middle East's oil-producing region," said Victor Shum, a senior principal for international energy consultants Purvin and Gertz. "Concerns over oil supply disruptions in Middle East and North Africa continue to drive oil prices," the Singapore-based energy expert told AFP. Heavy fighting continued in Libya as forces loyal to leader Muammar al-Gaddafi battled rebels for control ...

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

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