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Oil prices in Asia supported by Middle East tensions

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AFPPTI Singapore
Last Updated : Jan 25 2013 | 2:53 AM IST
I / Singapore February 16, 2011, 14:25 IST

Oil prices were up in Asian trade today, lifted by continued protests in the Middle East, analysts said.

New York's main contract, light sweet crude for March delivery, was up 38 cents to $84.70 per barrel. Brent North Sea crude for delivery in April advanced 21 cents to $101.85.

"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 prices had risen over supply concerns in the volatile region as demonstrators in various Arab states drew inspiration from pro-democracy protests leading to the ouster of leaders in Tunisia and Egypt.

Unrest has followed in Iran, Yemen and Bahrain.

US president Barack Obama yesterday warned autocratic US allies they cannot crush the Middle East's youthful "hunger" for change and offered "moral support" to Iranian protesters defying a crackdown.

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First Published: Feb 16 2011 | 2:25 PM IST

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