SINGAPORE: Crude rose in Asian trade Tuesday as the turmoil in Libya continued to rattle investor
sentiment, analysts said.
New York's main contract, light sweet crude for delivery in April, gained 30 cents to $102.63 per barrel
while Brent North Sea crude for May was up 43 cents to $115.39.
"Currently, we still have tensions in the Middle East underpinning oil prices. Investors are expecting that
Libyan oil is not returning to the markets any time soon," said Ong Yi Ling, investment analyst for Phillip
Futures in Singapore.
Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International
Energy Agency. It is now producing 400,000 barrels a day.
