Go Finance Reporting SINGAPORE - Oil prices in Asia again and approaching USD97 per barrel. This figure as traders export crude oil in Libya, where watched closely in the political upheaval feared would spread to the oil-rich nations other.
The price of oil for April delivery rose 34 cents at USD97, 31 per barrel at midday in Singapore time in electronic trading on the New York Mercantile Exchange. As for the contract lost 91 cents to settle at USD96, 97 per barrel.
Reporting from the Associated Press, Tuesday (03/01/2011), for in London, Brent crude oil on April delivery rose 65 cents to USD112, 45 per barrel on the ICE Futures exchange.
Managers in the Libyan oil official, Shukri Ghanem, said that the country's crude oil production has been cut approximately 50 percent or approximately 800 thousand barrels per day. International pressure increased when Libyan leader Moammar Gaddafi urged to resign.
Libya has become the largest oil producer, where exports disrupted by this year's political uprising that ousted the government in Tunisia and Egypt and sparked violent protests in Yemen, Iran, Oman, Bahrain, Algeria, and Morocco.
Traders of oil being the most concerned because the unrest could spread to Saudi Arabia, that in fact the largest crude oil exporter in the world. Some analysts expect oil prices will come down after Gadhafi resigns or Libyan oil exports stable.
"Energy prices rose sharply and is a clear threat to the world economy and emerging markets. However, most likely, this phase will pass, the price of oil on the market will rally," said Citigroup in a report.
In other Nymex trading in contracts for April, heating oil rose 0.6 percent to $ 2, 94 per gallon and gasoline rose 0.6 cents to $ 2, 90 per gallon. While natural gas futures fell 0.6 percent at $ 4, 03 per 1,000 cubic feet. (GoFinance)
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