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Oil climbs on escalated Libya tensions

February 21, 2011 Comments off

commodityonline.com

SINGAPORE (Commodity Online) : World oil prices advanced further in Asian trade Monday as political tensions spread to more countries including major oil producer Libya.

Light sweet crude for March delivery, which will expire Tuesday, was seen trading at $87.37 a barrel at 12.00 noon Singapore time while April delivery jumped to $91.35 a barrel.

In London, Brent crude for April delivery was at $103.54 a barrel.

Analysts said the black gold is likely to advance further during the day Benchmark on worries of oil supply disruptions as unrests over authoritarian governments in the Middle East escalate to more countries.

Concerns over Middle East oil supplies helped prices recover from early weakness after China raised its banks’ reserve requirements last Friday for the second time this year to combat rising inflation.

According to China’s National Development and Reform Commission, gasoline and diesel prices will go up 350 yuan per ton starting Read more…