AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

SINGAPORE: Crude prices rose in Asian trade Monday as Western forces staged air strikes to halt Libyan leader Moamer Qadhafi's attacks on civilians rising up against his rule, analysts said.

New York's main contract, light sweet crude for delivery in April, gained $1.85 to $102.92 per barrel while Brent North Sea crude for May was up $1.73 to $115.66 in the afternoon.

In the West's biggest intervention in the Arab world since the 2003 US-led invasion of Iraq, US warships and a British submarine fired more than 120 Tomahawk cruise missiles into Libya late Saturday, US military officials said.

The joint action by the United States, Britain and France came after the UN Security Council authorised the use of "all necessary means" to protect civilians and enforce a ceasefire and no-fly zone against Qadhafi's forces.

"Oil prices have gone up due to military attacks in Libya from UN forces...More oil installations could be damaged due to collateral damage and internal sabotage," said Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

"The unrest in the Middle East and North African region may spread to other (parts of the) region, and hence the contagion effect on oil prices remain. Oil supply disruption is going to support prices in its triple digits," Shum told AFP.

The Libyan strongman has continued attacking rebels after an uprising against his four-decade-old regime following similar movements in Egypt and Tunisia that rocked the region and sent oil prices soaring.

Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International Energy Agency. Of this 1.2 million barrels were exported, mostly to Europe. Other major customers are China and the United States.

 

Copyright AFP (Agence France-Presse), 2011 

 

Comments

Comments are closed.