• Sars Wars returns

    Allan Greenblo looks at the leadership concerns around the 'Twin Peaks' regulatory model.

  • Inside Labour

    When unions later this year start to demand double digit pay rises, don't be surprised, says Terry Bell.

  • Anti-nuclear group

    ANC general secretary Gwede Mantashe rebukes those who feel SA can't afford nuclear power.

All data is delayed
See More

Oil holds above $102 on Saudi worries

Mar 11 2011 09:57

Singapore - Benchmark crude prices held above the $102 level in Asian trade on Friday after easing off two-year highs, with traders awaiting further news on protests in Saudi Arabia, analysts said.

New York's main contract, light sweet crude for delivery in April, gained 14c to $102.84 per barrel.

Brent North Sea crude for April delivery dipped 23c to $115.20.

"Friday will be an important day to watch for the scheduled protests in Saudi Arabia," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

Online activists have called for a "Day of Rage" of street protests in oil kingpin Saudi Arabia on Friday.

One witness said Saudi police shot and wounded three Shiite protesters in the oil-rich Eastern Province on Thursday while trying to disperse a protest calling for the release of Shiite prisoners.

The Saudi interior ministry had earlier issued a stern reminder that any demonstration was illegal and warned activists that the security forces had been authorised to crack down on any protests.

Before news of the Saudi incident, oil prices had eased off two-year highs on fresh European debt concerns and sobering US and Chinese economic data.

"Overnight there has been very mixed news on the global economic front that put downward pressure on oil," said Shum.

Europe's sovereign debt crisis returned to the headlines as rating agency Moody downgraded Spain's sovereign rating, renewing concerns that a debt crisis may be creeping from Greece and Ireland to one of the biggest economies in the 17-nation bloc.

In addition, economic reports from the world's two largest economies also dented market sentiment.

China posted a surprising trade deficit in February, the first gap in nearly a year, as exports dramatically slowed, raising fears that the main engine of global economic growth was sputtering.

The US economy experienced a rise in its jobless claims in February.

Shum said prices should stay above $100 because of unrest in the Middle East and North African region.

Libya's crude oil exports have slowed sharply in the past week and are now significantly below the 500 000 barrels a day reported last week, the Paris-based International Energy Agency said on Thursday.

saudi arabia  |  middle east  |  commodities  |  markets  |  oil


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The regulation of WhatsApp and other OTTs is:

Previous results · Suggest a vote