Oil rises as Libya fighting takes center stage

11:09, March 23, 2011      

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U.S. crude oil price rose on Tuesday as fighting in Libya and protests in oil-rich Middle East countries were raising investors' concerns over oil supply disruptions.

The conflict in Libya still dominated the oil prices' directions, while protests in Yemen and Syria also added to investors' concerns that oil supply would be disrupted in the oil- rich Middle East and North Africa region.

Meanwhile, investors are waiting for the U.S. oil inventory reports, which will be released by the American Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday, respectively, to give more guidance in such crisis-dominated markets.

Light, sweet crude for April delivery gained 1.67 dollars to settle at 104.00 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for May delivery also climbed 73 cents to settle at 115.64 dollars per barrel on the ICE futures exchange.

Source: Xinhua
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