SINGAPORE NewsEcoInfo Reperted- Oil prices moved rally in Asian trade due to unrest in the Middle East and North Africa, which continue to burden the market.
Crude oil for New York's main contract, light sweet crude for April delivery, rose 24 cents to USD102, 47 and Brent North Sea crude oil for April delivery rose 35 cents to USD116, 70 per barrel.
"The uncertainty in this region (Middle East) continues to support the concerns. This is a contagious disease," said analysts at Barclays Capital in its report, quoted by AFP on Thursday (03/03/2011).
Reportedly, the lost output from countries such as Libya and the possible increase in oil demand will encourage foreign investment to support long-term crude oil prices further.
Known, the turbulence in Oman, Bahrain and Yemen, as well as the situation in Libya is still uncertain. Efforts to overthrow Libyan leader Moamer Kadhafi is feared to make bloody war, where thousands of Libyans will die if the West supports the uprising.
Military and air attacks on strategic oil port Brega, which is home to major oil operations, adding the concerns. While the International Energy Agency (IEA) said more than half of Libya's crude oil production is not destined international market.
Revision of the IEA estimates that closing the Libyan oil capacity to between 850 thousand and one million barrels per day, of a total of 1.6 million barrels, mostly shipped to European buyers. (NewsEcoInfo)
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