Oil hits 2-1/2 yr high as Libya unrest cuts supply
SINGAPORE, Feb 24 (Reuters) - Oil prices hit a fresh 2-1/2 year peak on concern the bloody unrest that has cut over a quarter of OPEC-member Libya's crude output could spread to other major producers including top exporter Saudi Arabia.
"I see more upside on Brent for the moment with prices likely to hit $120 by the end of March," said Ken Hasegawa, a commodity derivatives manager at Newedge brokerage in Tokyo.
Gold steady below 7-week high; Libya crisis aids
SINGAPORE, Feb 24(Reuters) - Spot gold prices held steady just below a seven-week high, as violence in Libya continued to buoy safe-haven demand in bullion and high oil prices, triggering inflation fears, also lent support.
"People don't have much confidence that the Libya crisis will be settled any time soon, so a lot of them are betting on gold," said a dealer in Singapore, "Gold will be the king."
OIL: U.S. oil April crude contract up $1/bbl on Libya supply worries
SINGAPORE, Feb 24 (Reuters) - U.S. crude oil futures rose more than $1 on Thursday, on mounting fears that growing unrest in Libya could spread to other oil producers in the Middle East and North Africa.
Escalating violence in Libya has already disrupted oil production, boosting oil prices as the front-month contract touched $100 a barrel briefly in the previous session, its highest since October 2008.
COMMODITIES: Oil surges on Libya; base metals hit
NEW YORK, Feb 23 (Reuters) - Oil prices surged to 28-month highs on Wednesday as unrest in Libya and the Middle East raised supply concerns, while base metals lost ground on worry that rising crude prices would dent economic growth.
"This is different from what happened in Egypt as there is an actual disruption of supplies and the market does not know what will happen next due to the intransigence of Muammar Gaddafi," said oil analyst Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois.
GLOBAL MARKETS: Oil holds near $100 a barrel; stocks sag
SYDNEY, Feb 24 (Reuters) - Unrest in Libya and the threat of contagion to other oil producers in the region kept U.S. crude near $100 a barrel in Asia on Thursday, fuelling fears that global growth may suffer and keeping stocks under pressure.
"As Japanese stocks have tumbled for the past two sessions (losing 2.6 percent), today's losses may not be sharp," said Masumi Yamamoto, a market analyst at Daiwa Securities Capital Markets.
US crude likely up, Cushing stocks eyed
BANGALORE/NEW YORK, Feb 23 (Reuters) - U.S. crude oil inventories rose for the sixth straight time last week, with imports likely having increased, an expanded Reuters poll showed Wednesday.
On average, crude stockpiles were forecast up 1.2 million barrels in the week to Feb. 18, a Reuters poll of 12 analysts showed, ahead of weekly industry and government inventory reports.
US oil soars as high as $100 on Libya unrest
NEW YORK, Feb 23 (Reuters) - U.S. crude jumped to a 28-month high of $100 a barrel on Wednesday, as investors weighed the risk of Middle East unrest spreading from Libya to bigger exporters including Saudi Arabia.
U.S. crude for April delivery rose 2.8 percent to settle at $98.10 per barrel after soaring as high as $100.
Brent , which has posted the biggest three-day gain since October 2009, rose 5.3 percent to settle at $111.25, its highest close since before the collapse of U.S. investment bank Lehman Brothers in 2008.
Revolt in Libya likely to scar its oil sector
NEW YORK, Feb 23 (Reuters) - Regardless of what comes next in Libya's lethal political standoff, the OPEC country's oil sector is nearly certain to suffer, bringing long-lasting supply disruptions or even permanent damage.
None of several potential outcomes is benign for Libya's oil industry -- the lifeblood of its economy -- or for oil prices. The scenarios run the gamut from all-out civil war and attacks on energy infrastructure to low-level neglect and reservoir damage, as foreign expertise flees the country.
US consumer confidence at 3-year high
NEW YORK, Feb 22 (Reuters) - American consumers are more confident than at any time in the last three years thanks to better prospects for the economy and jobs, even as separate data on Tuesday showed house prices were still falling.
The Conference Board, an industry group, said its index of consumer attitudes rose to 70.4 in February from a revised 64.8 in January.
PRECIOUS-Gold edges above $1,400/oz as Libya tensions simmer
LONDON, Feb 23 (Reuters) - Gold rose above $1,400 an ounce in Europe on Wednesday as simmering tensions in Libya lifted interest in the metal as a haven from risk, but gains were limited by concerns its sharp run higher may have been overdone.
Spot gold was bid at $1,401.50 an ounce at 0933 GMT, against $1,399.20 late in New York on Tuesday. U.S. gold futures for April delivery eased 30 cents an ounce to $1,400.80.
FOREX-Euro, sterling rise on rate hike prospects
LONDON, Feb 23 (Reuters) - The euro and sterling rose versus the dollar on Wednesday as comments by European Central Bank officials and Bank of England minutes were seen increasing the chances of euro zone and UK interest rate rises.
Interest rate speculation took centre stage, pushing aside concerns about political tensions in North Africa and the Middle East for now, though analysts said the dollar could see renewed safe-haven demand if unrest in the region spreads further and oil prices continue to spike.
Stocks fall further on oil, inflation concerns
LONDON, Feb 23 (Reuters) - World stocks fell further from a recent 30-month high while the euro rose as unrest in Libya drove oil higher and fanned concerns about inflation that could hamper a global economic recovery.
"There is very little reason for people to be adding to risk at the moment. The Middle East is going to cast a pall over the markets until they can see any proper direction," said Justin Urquhart Stewart, director at Seven Investment Management.
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