SINGAPORE (Commodity Online) : Global oil prices continued to climb further up as popular movements turned violent in Libya, threatening OPEC’s output quota.
Light sweet crude for March Delivery, which will expired Tuesday, was seen trading at $92.98 a barrel at 1.30 p.m Singapore time while April delivery was seen at $97.28 a barrel.
Meanwhile, London’s Brent crude was at $107.21 a barrel after rising as high as $108.18 in early trade.
U.S. markets, including Nymex floor trading, were closed Monday for the Presidents' Day holiday and the thin trading volumes had the potential to amplify price fluctuations.
Analysts said the black gold will go further up as popular unrest in Libya and elsewhere in the Arab world showed no signs of easing as angry protesters ransacked the state broadcaster and set government buildings ablaze Monday, as the son of leader Moamer Kadhafi warned the country faces civil war and bloodshed.
Libya is Africa’s third-largest oil producer, pumping about 1.6 million barrels of crude a day. It is also the sixth-largest per capita oil producer in the world and has the largest proven oil reserves in Africa.
Libya exports most of its oil to European countries, including Italy, Germany, Spain and France.
On Tuesday, the International Energy Forum will meet in Saudi Arabia as the geopolitical tensions and economic recovery drive prices back to levels last seen before the 2008 global financial crisis
