29 Mar '11, 8pm

Oil prices rise on Libya export concerns

NEW YORK - Oil prices ended three days of losses Tuesday as traders weighed war-torn Libya's capacity to resume crude oil exports. New York's main contract, light sweet crude for May, finished trading at $107.79 a barrel, a gain of 81 cents from Monday. In London, Brent North Sea crude for delivery in May rose 36 cents to settle at $115.16 a barrel. "Uncertainty remains about the swift incorporation of Libyan volumes into the global oil market. We remain skeptical given the operational, legal and contractual issues at play," Barclays Capital analysts said in a client note. World oil prices edged higher after Libyan rebels seeking the ouster of leader Muammar al-Gaddafi gained control of key ports, easing supply fears. Traders weighed the potential impact of a move by Qatar to help Libyan rebels resume crude oil exports that have dwindled to a trickle amid the unrest. Qatar...

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

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