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Crude oil prices push higher on Libya supply concerns Oil prices push higher on Libya supply concerns
(about 2 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 after Libya's Col Gaddafi refused to stand down and investors feared unrest could worsen across the region.
There are concerns that the anti-government unrest in Libya will disrupt global oil supplies. US light, sweet crude was up $0.61 at $96.03 - its highest for two years. It has now risen almost $10 since the start of the week.
Stock markets in Asia were little changed after dropping on Tuesday. Brent crude in London was $1.58 higher to $107.36 in early trading.
Investors said they are gauging the impact of Libyan unrest on the global economy and corporate profit growth. Two major European oil companies have suspended production amid continued anti-government unrest in Libya.
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.
Major shift?Major shift?
Libya is the world's 12th-largest exporter of oil. Libya is the world's 12th-largest exporter of oil and the majority of its output goes to Europe.
"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. Spanish oil firm Repsol and Italy's ENI both said on Tuesday that they were suspending production in the North African country.
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.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. He said they could rise further if turmoil continued 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."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.""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
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.
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%.