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World oil prices stayed above multi-year high today, supported by the continued tensions in the Arab world and the postponement of elections in Nigeria, Africa’s biggest crude producer.
New York’s benchmark West Texas Intermediate light sweet crude for May delivery rose 55 cents to $110.85 per barrel after touching its highest level in two-and-a-half years in the US trade on Thursday. Brent North Sea crude for May delivery gained 38 cents to $123.05.
“Current levels for crude are primarily supported by the Middle East tensions and also the Nigeria elections,” said Mr Chen Xin Yi, a commodities analyst with Barclays Capital.
“The postponement of last’s week parliamentary polls (in Nigeria) due to logistical problems does not bode well for presidential elections,” he added.
The market has been under pressure due to tensions in the oil-producing Middle East and North Africa region, where long-time rulers are under threat by uprisings similar to those that deposed the leaders of Tunisia and Egypt.
Libyan leader Mr Muammar Gaddafi is battling to remain in power, with rebels controlling large parts of the country. Gulf states have also piled pressure on Yemen’s embattled President Ali Abdullah Saleh, saying they expect him to quit following more than two months of bloody protests.
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