SINGAPORE: Oil prices were up in Asian trade Wednesday, lifted by continued protests in the Middle East, analysts said.New York's main contract, light sweet crude for March delivery, gained 23 cents to $84.55 per barrel in the afternoon while Brent North Sea crude for April advanced 29 cents to $101.93.
"Oil prices in general are still expected to be supported by protests in the Middle East," said Chen Xin Yi, commodities analyst for Barclays Capital.Crude has risen over the past few weeks amid supply concerns in the volatile region as demonstrators have taken to the streets seeking the ouster of their leaders, with the presidents of Egypt and Tunisia already going.
The demonstrations have led to similar movements in other Arab states, including Iran, Yemen and Bahrain, drawing inspiration from the successes.US President Barack Obama on Tuesday warned autocratic US allies they cannot crush the Middle East's "hunger" for change and offered "moral support" to Iranian protesters defying a crackdown.
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