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Oil prices rise as Libyan unrest continues Oil prices rise as Libyan unrest continues
(about 2 hours later)
US crude oil prices have hit a new two-and-a-half year high amid concerns that the unrest in Libya could turn into a full-blown civil war.US crude oil prices have hit a new two-and-a-half year high amid concerns that the unrest in Libya could turn into a full-blown civil war.
US light crude futures for April rose by $2.02 to $106.44 a barrel, the highest price since September 2008. US light crude futures rose by $2.02 to $106.44 a barrel, the highest since September 2008, before dipping back.
Brent crude gained $1.53 to $117.40 a barrel nearing its recent $119.79 high.Brent crude gained $1.53 to $117.40 a barrel nearing its recent $119.79 high.
Meanwhile, Asian stock markets suffered on fears rising energy prices could derail the global recovery, with the Nikkei ending the day 1.8% lower. Meanwhile, stock markets suffered on fears rising energy prices could derail the global recovery, with the Nikkei ending the day 1.8% lower.
Shares also fell in Hong Kong, Sydney and Bombay, as concerns mount that the continuing unrest in Libya could send oil prices even higher. Edgy stock markets
The Shanghai Composite index ended the day 1.8% higher, but largely due to a surge in the value of energy companies, including a 10% jump in China Shenhua Energy Company. Shares also fell in Hong Kong (down 0.4%), Sydney (1.3%) and Bombay (1.3%), with fuel-dependent airlines among the worse performers, as concerns mount that the continuing unrest in Libya could send oil prices even higher.
An exception was the Shanghai Composite index, which ended the day 1.8% higher, largely due to a surge in the value of energy companies, including a 10% jump in China Shenhua Energy Company.
European markets fell slightly at the open, with Paris and Frankfurt down about 0.2% each in early trading, while in London the FTSE 100 gained 0.3% after bouncing back from opening losses.
Middle Eastern markets remained stable, with the Saudi stock market opening almost unchanged on Monday.
On Wednesday of last week, the Tadawul All Share Index was down 21% since the beginning of troubles in Libya, but it has since recovered and is now only 13% down.
Meanwhile, shares in Oman - which has also witnessed violent clashes with protesters in recent days - fell 2% at the open.
Fear factorFear factor
The US has indicated that it is considering tapping its oil reserves as one way to help ease soaring prices.The US has indicated that it is considering tapping its oil reserves as one way to help ease soaring prices.
But even that news failed to calm the markets as investors remained jittery about the unrest spreading to other oil-producing nations.But even that news failed to calm the markets as investors remained jittery about the unrest spreading to other oil-producing nations.
"The concern is that with what we are seeing in Libya, it's purely fear driving the market," said Jonathan Barratt of Commodity Broking Services."The concern is that with what we are seeing in Libya, it's purely fear driving the market," said Jonathan Barratt of Commodity Broking Services.
"Each time the price moves up a little, people are forced into the market. Once it's feeding itself, it will continue to rise," he added."Each time the price moves up a little, people are forced into the market. Once it's feeding itself, it will continue to rise," he added.
Mr Barratt said US crude prices could peak at $120 a barrel, even if further supply disruptions do not take place.Mr Barratt said US crude prices could peak at $120 a barrel, even if further supply disruptions do not take place.