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"Investors are expecting that Libyan oil is not returning to the markets any time soon," said Ong Yi Ling, an investment analyst for Phillip Futures. Meanwhile the recent spike in oil prices could shave half a percentage point off growth of the world's advanced economies by 2012, according to a study by the Organisation for Economic Cooperation and Development published Tuesday. It said that if the $25 per barrel increase in prices since the beginning of the year is sustained, "activity could be reduced by about 0.5 percentage points in the OECD area by 2012 and inflation could rise by 0.75 percentage points."