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Crude oil prices push higher on Libya supply concerns | Crude oil prices push higher on Libya supply concerns |
(about 4 hours later) | |
Oil prices have continued to climb in Asian trading, hitting their highest levels since October 2008 after Libyan leader Col Muammar Gaddafi refused to stand down. | Oil prices have continued to climb in Asian trading, hitting their highest levels since October 2008 after Libyan leader Col Muammar Gaddafi refused to stand down. |
There are concerns that the anti-government unrest in Libya will disrupt global oil supplies. | There are concerns that the anti-government unrest in Libya will disrupt global oil supplies. |
Stock markets in Asia were little changed after dropping on Tuesday. | Stock markets in Asia were little changed after dropping on Tuesday. |
Investors said they are gauging the impact of Libyan unrest on the global economy and corporate profit growth. | Investors said they are gauging the impact of Libyan unrest on the global economy and corporate profit growth. |
Major shift? | Major shift? |
Libya is the world's 12th-largest exporter of oil. | Libya is the world's 12th-largest exporter of oil. |
"Global investors are now trying to decide if the Middle East crisis means a major shift of geopolitical balance of power in the region," said Masayuki Kubota of Daiwa SB Investments. | "Global investors are now trying to decide if the Middle East crisis means a major shift of geopolitical balance of power in the region," said Masayuki Kubota of Daiwa SB Investments. |
He added that there could be "more instability and possible further oil price rises". | He added that there could be "more instability and possible further oil price rises". |
In Asian trade, US light sweet crude for April delivery was 2% higher at $95.45 a barrel. On Tuesday, the March contract had jumped almost 9% in value. | In Asian trade, US light sweet crude for April delivery was 2% higher at $95.45 a barrel. On Tuesday, the March contract had jumped almost 9% in value. |
Brent crude rose 58 cents to $106.36 a barrel, after going as high as $106.58 earlier. | |
On Monday, Brent hit a two-and-a-half-year high of $108.70. | |
"The major underlying fear in the market is that these protests spread in the region to even larger producers like Saudi Arabia," said Andy Lebow, a trader at MF Global in New York. | "The major underlying fear in the market is that these protests spread in the region to even larger producers like Saudi Arabia," said Andy Lebow, a trader at MF Global in New York. |
"While that might not look likely right now, even a hint of real problems there could send prices vertical." | "While that might not look likely right now, even a hint of real problems there could send prices vertical." |
On Tuesday, International Energy Agency chief economist Fatih Birol said oil prices were in the danger zone. | |
He said they could rise further if turmoil continues in the Middle East and that may slow the recovery from the global economic crisis. | |
"The global economy is more fragile now than it was in 2008," Mr Barratt said. | |
"Growth has been driven by stimulus packages and austerity measures. I don't see it being able to absorb a rise to $140 like it did two years ago." | |
Taking stock | Taking stock |
Shares were mixed in early trading across Asia. | Shares were mixed in early trading across Asia. |
Japan's Nikkei 225 index was little changed on Wednesday despite the Ministry of Finance reporting the first trade deficit in almost two years. | Japan's Nikkei 225 index was little changed on Wednesday despite the Ministry of Finance reporting the first trade deficit in almost two years. |
Indexes in Singapore, Shanghai and New Zealand were also trading flat. Australia's main S&P/ASX 200 index slid 0.2%. South Korea's Kospi Index rose 0.2%. | Indexes in Singapore, Shanghai and New Zealand were also trading flat. Australia's main S&P/ASX 200 index slid 0.2%. South Korea's Kospi Index rose 0.2%. |