{"id":287525,"date":"2011-03-03T05:22:04","date_gmt":"2011-03-03T05:22:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/03\/oil-prices-around-102-per-barrel-as-libya-crisis-goes-on\/"},"modified":"2011-03-03T05:22:04","modified_gmt":"2011-03-03T05:22:04","slug":"oil-prices-around-102-per-barrel-as-libya-crisis-goes-on","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/03\/oil-prices-around-102-per-barrel-as-libya-crisis-goes-on\/","title":{"rendered":"Oil prices around $102 per barrel as Libya crisis goes on"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Oil prices around $102 per barrel as Libya crisis goes on<\/p>\n

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\t\t\t \tPage last updated at Thursday, March 3, 2011 5:05 AM \/\/ <\/span>\n\t\t\t <\/div>\n

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\"\"<\/a>Oil prices hovered above $102 a barrel Thursday in Asia as fierce fighting in Libya appears to have cut crude output in the OPEC nation more than previously estimated.<\/p>\n

Benchmark crude for April delivery was up 30 cents at $102.53 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $2.60 to settle at $102.23, the highest settlement since Sept. 26, 2008.<\/p>\n

In London, Brent crude for April delivery was up 32 cents to $116.67 a barrel on the ICE Futures exchange.<\/p>\n

The International Energy Agency said Wednesday that a power struggle between supporters and opponents of Libyan leader Moammar Gadhafi had cut up to 1 million barrels per day of crude production, more than the group\u2019s previous estimate of as much as 750,000 barrels per day.<\/p>\n

Traders are also factoring in the possibility that political upheaval in other oil-rich countries could pinch global crude supplies.<\/p>\n

\u201cThe spread of protests into other major oil producing nations such as Oman, Algeria and especially Saudi Arabia could keep this oil market on a boil for some time to come,\u201d Ritterbusch and Associates said in a report.<\/p>\n

Analysts said sustained oil prices above $100 would eventually undermine consumer demand and threaten global economic growth.<\/p>\n

With oil prices \u201cat these elevated levels, the current global economic recovery is at significant risk of stalling,\u201d said Richard Soultanian of NUS Consulting.<\/p>\n

In other Nymex trading in April contracts, heating oil rose 0.3 cent to $3.06 a gallon and gasoline dropped 0.5 cent to $3.02 a gallon. Natural gas futures were up 0.7 cent at $3.82 per 1,000 cubic feet.
Source: AP<\/p>\n

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\nOil prices around $102 per barrel as Libya crisis goes on<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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