29 Mar '11, 7am

Oil prices down in Asian trade

SINGAPORE: Crude fell in Asian trade on Tuesday as Libyan rebels emboldened by Western air strikes marched towards dictator Muammar al-Gaddafi's birthplace Sirte, analysts said. New York's main contract, light sweet crude for delivery in May, lost 14 cents to $103.84 per barrel while Brent North Sea crude for May dipped 12 cents to $114.68. "US crude oil fell as Libya's rebels gained against forces loyal to Muammar Gaddafi," Phillip Futures said in a report. The rebels, who launched their uprising against Gaddafi's four-decade rule in mid-February, were regrouping after being pummelled by loyalist forces at the village of Harawa, 60 kilometres (37 miles) from Sirte. As anti-government forces started retaking towns they lost to government forces last week, they said that their uprising would not further hamper oil production in areas under their control. Oil-rich Libya was ...

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

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