Oil holds above $102 on Saudi worries

PTI Singapore | Updated on March 11, 2011

Benchmark crude prices held above the $102 level in the Asian trade today after easing off two-year highs, with traders awaiting further news on protests in Saudi Arabia, analysts said.

New York’s main contract, light sweet crude for delivery in April, gained 14 cents to $102.84 per barrel. Brent North Sea crude for April delivery dipped 23 cents to $115.20.

“Friday will be an important day to watch for the scheduled protests in Saudi Arabia,” said Mr Victor Shum, senior principal for Purvin and Gertz international energy consultants in Singapore.

Online activists have called for a “Day of Rage” of street protests in oil kingpin Saudi Arabia today.

Published on March 11, 2011

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