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    <title>Business Recorder - Markets - Energy</title>
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    <description>Business Recorder</description>
    <language>en-Us</language>
    <copyright>Copyright 2026</copyright>
    <pubDate>Thu, 13 Aug 2026 23:34:13 +0500</pubDate>
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    <ttl>60</ttl>
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      <title>Oil passes $107 on violence in Libya, Bahrain</title>
      <link>https://www.brecorder.com/news/4023/oil-passes-107-on-violence-in-libya-bahrain</link>
      <description>&lt;p&gt;&lt;img style="margin-right: 10px; float: left;" src="https://i.brecorder.com/images/stories/oil_drill_404.jpg" width="404" height="310" /&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;SINGAPORE: Brent prices broke past $107 in Asian trade Tuesday as violence in Libya and Bahrain threatened to destabilise the key oil-producing Middle East and North African region, analysts said.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Brent North Sea crude for delivery in April gained $1.53 to $107.27 per barrel in the afternoon, surpassing two-year highs reached on Monday.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;New York's main contract, light sweet crude for March delivery, surged $7.20 to $93.40 per barrel on its last trading day.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;"Rising violence in Libya and Bahrain are providing support to oil prices, with geopolitics a key focus of the market currently," said Barclays Capital in a report.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;There are worries that spreading unrest in the Middle East and North Africa would threaten global crude supplies as it is home to major oil-producing nations including Libya.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;OPEC member Libya is Africa's fourth largest crude producer after Nigeria, Algeria and Angola, boasting production of 1.8 million barrels per day and estimated reserves of 42 billion barrels.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Libya exports most of its oil to European countries, including Italy, Germany, Spain and France.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Gunfire rattled the Libyan capital Tripoli Monday as protesters attacked police stations as well as offices of the state broadcaster and set government buildings ablaze. There were also claims of a "massacre" by government gunmen "firing indiscriminately" in Tajura district.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Human Rights Watch said on Monday that at least 233 people had been killed since Thursday in protests inspired by the uprisings in Libya's neighbours Egypt and Tunisia.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Protesters also overran several cities in the embattled nation as leader Moamer Kadhafi denied Monday he had fled the country he has ruled for four decades.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;Center /&gt;&lt;b&gt;&lt;i&gt;Copyright AFP (Agence France-Presse), 2011&lt;/b&gt;&lt;/i&gt;&lt;/center&gt;&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p><img style="margin-right: 10px; float: left;" src="https://i.brecorder.com/images/stories/oil_drill_404.jpg" width="404" height="310" /></p>
<p class="MsoPlainText">SINGAPORE: Brent prices broke past $107 in Asian trade Tuesday as violence in Libya and Bahrain threatened to destabilise the key oil-producing Middle East and North African region, analysts said.</p>
<p class="MsoPlainText">Brent North Sea crude for delivery in April gained $1.53 to $107.27 per barrel in the afternoon, surpassing two-year highs reached on Monday.</p>
<p class="MsoPlainText">New York's main contract, light sweet crude for March delivery, surged $7.20 to $93.40 per barrel on its last trading day.</p>
<p class="MsoPlainText">"Rising violence in Libya and Bahrain are providing support to oil prices, with geopolitics a key focus of the market currently," said Barclays Capital in a report.</p>
<p class="MsoPlainText">There are worries that spreading unrest in the Middle East and North Africa would threaten global crude supplies as it is home to major oil-producing nations including Libya.</p>
<p class="MsoPlainText">OPEC member Libya is Africa's fourth largest crude producer after Nigeria, Algeria and Angola, boasting production of 1.8 million barrels per day and estimated reserves of 42 billion barrels.</p>
<p class="MsoPlainText">Libya exports most of its oil to European countries, including Italy, Germany, Spain and France.</p>
<p class="MsoPlainText">Gunfire rattled the Libyan capital Tripoli Monday as protesters attacked police stations as well as offices of the state broadcaster and set government buildings ablaze. There were also claims of a "massacre" by government gunmen "firing indiscriminately" in Tajura district.</p>
<p class="MsoPlainText">Human Rights Watch said on Monday that at least 233 people had been killed since Thursday in protests inspired by the uprisings in Libya's neighbours Egypt and Tunisia.</p>
<p class="MsoPlainText">Protesters also overran several cities in the embattled nation as leader Moamer Kadhafi denied Monday he had fled the country he has ruled for four decades.</p>
<p class="MsoPlainText"><Center /><b><i>Copyright AFP (Agence France-Presse), 2011</b></i></center></p>
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      <category>Markets</category>
      <guid>https://www.brecorder.com/news/4023</guid>
      <pubDate>Tue, 22 Feb 2011 08:20:27 +0500</pubDate>
      <author>none@none.com (Parvez Jabri)</author>
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