22 Mar '11, 8pm

Oil prices climb amid Libya fighting

LONDON: World oil prices advanced on Tuesday as fighting raged on in Libya, a significant exporter of crude before the current crisis. Brent North Sea crude for delivery in May rose 49 cents to $115.45 in late London trade after falling early in the day on profit-taking, traders said. New York's main contract, light sweet crude for April jumped $1.42 to $103.75 a barrel. Oil prices continued to win support from the tensions in Libya, said Ong Yi Ling, an investment analyst for Phillip Futures. Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International Energy Agency. It is now producing only 400,000 barrels a day. "Investors are expecting that Libyan oil is not returning to the markets any time soon," said Ling. Fighting raged between forces loyal to Libyan leader Muammar al-Gaddafi and insurgents in several towns Tuesday despi...

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

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