Go Finance Reporting in Singapore - Crude oil prices tracked back slightly increased, although that is close to USD98 per barrel in Asian trade. This increase as the impact amid signs the crisis in Libya, which might have cut crude supplies.
The price of oil for April delivery rose 36 cents to USD97, 64 per barrel at midday in Singapore time, after a fall to USD96, 39 in early trading session on the New York Mercantile Exchange.
Reporting from the Associated Press, on Friday (02/25/2011), contract delivery fell 82 cents, and stable at USD97, 28 in trading Thursday. While in London, Brent crude for April delivery rose 89 cents to USD112, 25 per barrel on the ICE Futures exchange.
Previously, the International Energy Agency stated when oil prices rose as high as USD103 on Thursday that impact that violent uprising in Libya, has forced oil companies to idle oil producing between 500 thousand-750 thousand barrels per day.
Production is less than one percent of daily global oil consumption. Where production is approximately half of which produced the largest oil producer in Libya, Italy's Eni.
Paris-based IEA also said it can make every delivery of oil lost from Libya because of the surplus is owned by member countries, including the United States, Britain, France, and Germany.
Saudi Arabia, as the biggest crude oil producer from the Organization of Petroleum Exporting Countries (OPEC) said that, if necessary, it will increase their production to cover the shortage of oil supply due to unrest in Libya. (GoFinance)
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