Arab unrest sends oil higher in Asia trade

Crude prices have risen in Asian trade on continued investor concerns the unrest in Libya could spread to the oil-rich Middle East.New York's main contract, light sweet crude for delivery in April, gained 44 cents to $104.82 per barrel.Brent North Sea crude for April delivery rose 56 cents to $116.50."It is the fear of the spread of turmoil to other Middle Eastern countries that is fuelling the further increase in prices," said Ong Yi Ling, investment analyst for Phillip Futures in Singapore.

World oil prices shot higher Monday, striking 2.5-year highs on the turmoil in Libya and the Middle East, analysts said.New York's main contract, light sweet crude for delivery in April, hit $106.95 a barrel -- the highest level since September 2008.It later stood at $105.67, up $1.25 compared with Friday's close.In London, Brent North Sea crude for April rose 88 cents to $116.85."The unrest in Libya has pushed the price of oil up to a 2.5-year high," Commerzbank analysts said in a research note on Monday.

World oil prices rose on Tuesday, with Brent crude close to $104 on unrest in the Middle East and robust Chinese demand, analysts said.Brent North Sea crude for delivery in April gained 74 cents to $103.82 a barrel in early London trade.It hit a two-year high above $104 Monday on growing concerns that Egypt-style unrest occurring in the oil-rich Middle East could disrupt the supply of crude to the West, traders said.In Tuesday trade, New York's main contract, light sweet crude for March delivery, was up 36 cents at $85.17 a barrel.

World oil prices rallied Friday after the United Nations sanctioned air strikes against Libya where popular unrest has practically halted exports of crude to the West.Brent North Sea crude for delivery in May rose 85 cents to $115.75 a barrel in London trade.New York's main contract, light sweet crude for April, jumped $1.10 to $102.52."The potential damage to the country?s oil infrastructure is obviously bullish (supportive) for oil prices," PVM brokers analyst Tamas Varga said of Libya.

Oil prices climbed further on Thursday, still supported by a large drop in US crude inventories, though gains were capped by concerns surrounding the outlook for global energy demand, analysts said.New York's main contract, light sweet crude for delivery in November rose 86 cents to $80.54 a barrel, a day after surging by four dollars.Brent North Sea crude for November climbed 32 cents to $103.05 in London trading.Oil prices rallied Wednesday on the back of a large and unexpected drop in crude stockpiles for the United States, the world's biggest oil consumer.

World oil prices shot higher Monday, striking 2.5 year highs on the turmoil in Libya and the Middle East, analysts said.New York's main contract, light sweet crude for delivery in April, hit $106.45 a barrel -- the highest level since September 2008.It later stood at $106.10, up $1.68 compared with Friday's close.In London, Brent North Sea crude for April climbed $1.02 to $116.99.

World oil prices shot higher Monday, striking 2.5 year highs on the turmoil in Libya and the Middle East, analysts said.New York's main contract, light sweet crude for delivery in April, hit $106.45 a barrel -- the highest level since September 2008.It later stood at $106.10, up $1.68 compared with Friday's close.In London, Brent North Sea crude for April climbed $1.02 to $116.99.

Oil prices rose further on Friday after Greece abandoned its plan to hold a referendum on the country's latest bailout, boosting investor optimism over the eurozone crisis, analysts said.New York's main contract, light sweet crude for delivery in December, climbed 65 cents to $94.72 a barrel.Brent North Sea crude for December jumped $1.27 to $112.10 in London late morning trade.Crude futures had already rallied around 1.50 dollars on Thursday on signs that Greece would abandon its referendum plan.