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  • Oil up in Asia, NY crude above USD 102

    Published on March 4, 2011

    Crude prices resumed their upward path in Asian trade on Friday on doubts about Venezuela’s proposal to mediate in the crisis in oil-rich Libya, analysts said.

    New York’s main contract, light sweet crude for April delivery, rose 45 cents to USD 102.36 and Brent North Sea crude for April was up 21 cents at USD 115.

    “There is still some scepticism that Venezuela could step in to mediate Libyan’s crisis,” said Ong Yi Ling, investment analyst for Phillip Futures in Singapore.

    Libya and the Arab League are considering a proposal by President Hugo Chavez to help find a peaceful solution to the crisis in the North African nation, a Venezuelan minister said Thursday.