Business News from Channel News Asia part 1

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Oil shoots higher on Libya turmoil NEW YORK : Crude oil prices surged again Monday as traders fretted about escalating clashes in Libya between forces loyal to leader Muammar Gaddafi and rebels seeking to end his four-decade rule. New York's main contract, light sweet crude for delivery in April, settled at $105.44 a barrel, a gain of $1.02 since Friday. The benchmark WTI futures contract had already gained more than 20 percent in the past two weeks. Earlier Monday, it reached an intraday peak of $106.95, the highest mark since September 26, 2008. In London, Brent North Sea crude for April climbed as high as $118.50 before easing back to close at $115.04 a barrel. "As long as these battles between Gaddafi and the rebels continue, we are going to see crude bid up," said Matt Smith at Summit Energy. "Especially as during the weekend we saw further problems in other countries, such as Bahrain and Yemen." Gaddafi forces launched new air strikes on rebels near the key oil port of Ras Lanuf as the three-week-old conflict veered toward civil war. "With all the uncertainty about how much production is getting off line in Libya, we are still going to see the market nervous and with a bullish impetus," Smith said. Libya is the fourth-biggest oil exporter in Africa after Nigeria, Algeria and Angola, producing around 1.8 million barrels a day, with reserves of 42 billion barrels. Mike Fitzpatrick of Kilduff Report explained the port town has about 200,000 barrels of crude in its terminal and is home to the country's biggest refinery, with daily output capacity of 220,000 barrels. Last week, the International Energy Agency estimated that the turmoil has cost Libya between 850,000 and one million barrels of production a day, more than half of its output and about 1.0 percent of global consumption. - AFP /ls

Harga minyak naik selama kekacauan Libya NEW YORK : Harga minyak mentah kembali mengalami kenaikan pada hari Senin dan pengusaha mengeluhkan pertempuran Libya yang memanas antara pasukan Muammar Khadafi dengan kaum pemberontak yang hendak mengakhiri kepemimpinannya yang telah berjalan selama 40 tahun. Kontrak utama light sweet crude (minyak mentah) pasar New York untuk pengiriman April tercatat pada $105.44 per barel, naik $1.02 sejak Jumat. Kontrak future WTI yang merupakan benchmark telah mengalami kenaikan lebih dari 20 % sepanjang dua minggu terakhir. Sebelumnya di hari Senin, harga sempat mencapai puncak senilai $106.95, nilai terbesar sejak 26 September 2008.   Di London, kontrak Brent North Sea crude untuk pengiriman April meningkat menjadi $118.50 sebelum kembali ke nilai $115.04 per barel. "Selama terjadi pertempuran antara Khadafi dan pasukan pemberontak, kita akan menghadapi kenaikan harga minyak mentah," ujar Matt Smith dalam pertemuan Summit Energy. "Terutama selama akhir pekan terdapat pertikaian di negara lain, seperti Bahrain dan Yemen." Pasukan Khadafi kembali melakukan serangan udara terhadap pasukan pemberontak di dekat pelabuhan minyak utama Ras Lanuf seiring berkembangnya pertikaian selama 3 minggu menjadi perang saudara. "Dengan adanya ketidakpastian jumlah produksi yang terhenti di Libya, kita akan tetap menghadapi pasar yang tak menentu dan kenaikan harga yang lebih cepat," ujar Smith. Libya adalah eksportir minyak terbesar Afrika keempat setelah Nigeria, Algeria dan Angola, memproduksi sekitar 1.8 juta barel per hari, dengan persediaan 42 miliar barel. Mike Fitzpatrick dari Kilduff Report mengatakan bahwa kota pelabuhan menyimpan sekitar 200,000 barel minyak mentah di pangkalan dan merupakan kilang minyak terbesar Libya, dengan kapasitas produksi per hari mencapai 220,000 barel. Minggu lalu, International Energy Agency memperkirakan bahwa kekacauan tersebut telah mengurangi produksi sekitar 850,000 hingga satu juta barel setiap harinya, lebih dari separuh produksinya dan sekitar 1.0 % konsumsi global. - AFP /ls