Data provided by iNet BFA
Loading...
See More

Oil passes $107 on violence in Libya, Bahrain

Feb 22 2011 09:34 AFP

Related Articles

Libyan turmoil pushes oil price higher

Oil rises as Libyan tensions escalate

Oil around $86 on Middle East protests

Oil above $85 amid Middle Est tensions

Oil prices supported by Middle East tensions

Oil rises amid Middle East tensions

 

Singapore - Brent prices broke past $107 in Asian trade on Tuesday as violence in Libya and Bahrain threatened to destabilise the key oil-producing Middle East and North African region, analysts said.

Brent North Sea crude for delivery in April gained $1.53 to $107.27 per barrel in the afternoon, surpassing two-year highs reached on Monday.

New York's main contract, light sweet crude for March delivery, surged $7.20 to $93.40 per barrel on its last trading day.

"Rising violence in Libya and Bahrain are providing support to oil prices, with geopolitics a key focus of the market currently," said Barclays Capital in a report.

There are worries that spreading unrest in the Middle East and North Africa would threaten global crude supplies as it is home to major oil-producing nations including Libya.

Opec member Libya is Africa's fourth largest crude producer after Nigeria, Algeria and Angola, boasting production of 1.8 million barrels per day and estimated reserves of 42 billion barrels.

Libya exports most of its oil to European countries, including Italy, Germany, Spain and France.

Gunfire rattled the Libyan capital Tripoli on Monday as protesters attacked police stations as well as offices of the state broadcaster and set government buildings ablaze. There were also claims of a "massacre" by government gunmen "firing indiscriminately" in Tajura district.

Human Rights Watch said on Monday that at least 233 people had been killed since Thursday in protests inspired by the uprisings in Libya's neighbours Egypt and Tunisia.

Protesters also overran several cities in the embattled nation as leader Moamer Kadhafi denied Monday he had fled the country he has ruled for four decades.

bahrain  |  libya  |  commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No more nice-to-have shopping sprees

Fin24 user Asia writes how she managed to rehabilitate herself from splurging on feel-good items and keep clean from the bondage of lifestyle debt.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

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