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Crude prices resumed their upward path in the Asian trade today 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 $102.36 and Brent North Sea crude for April was up 21 cents at $115.
“There is still some scepticism that Venezuela could step in to mediate Libyan’s crisis,” said Mr Ong Yi Ling, investment analyst for Phillip Futures in Singapore.
Libya and the Arab League are considering a proposal by the President, Mr Hugo Chavez, to help find a peaceful solution to the crisis in the North African nation, a Venezuelan Minister said on Thursday.
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