World oil prices advanced towards fresh highs in Asian trade Wednesday after violent protests in major producer Libya threatened to disrupt crude supplies.
Light sweet crude for April delivery was seen trading at $95.81 a barrel at 12.30 p.m Singapore time while london’s Brent crude was at $106.48 an ounce.
In other Nymex trading in March contracts, heating oil rose 0.4 cent to $2.80 a gallon and gasoline gained 2.5 cents to $2.63 a gallon. Natural gas futures were up 2.5 cents at $3.89 per 1,000 cubic feet.
Analysts said the black gold may even hit $100 a barrel mark if the situation remains as they said investors are worried that unrest in Libya and other oil producing nations could cut energy supplies, and they are sharply bidding up the price of crude oil.
Libya holds Africa's largest oil reserves and is the continent's fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Analysts say higher oil prices could slow economic growth just as the world is recovering from the worst recession in decades.
Source: www.commodityonline.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIPConsultants Pvt Ltd
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