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SINGAPORE – Oil prices hovered above $98 a containerful weekday in Asia, backing absent from a fruit to $103 the period before amid signs the crisis in Libya haw hit cut vulgar supplies inferior that previously estimated.

Benchmark vulgar for Apr delivery was up $1.10 at $98.38 a containerful at New afternoon Singapore time in electronic trading on the New royalty Mercantile Exchange. It fell as baritone as $96.39 early in the day. The lessen on weekday dropped 82 cents to settle at $97.28 after large swings.

In London, Brent vulgar for Apr delivery was up $1.28 to $112.61 a containerful on the ICE Futures exchange.

Oil climbed as broad as $103 on weekday before the International Energy Agency said that the violent uprising in Libya has forced oil companies to indolent between 500,000 and 750,000 barrels per period of production, or inferior than 1 percent of orbicular regular oil consumption. That's roughly half of what Italy's Eni, Libya's maximal oil producer, had estimated.

The Paris-based IEA also said it can attain up for some forfeited shipments from Libya by tapping into large surpluses held by member countries, which allow the U.S., the United Kingdom, author and Germany.

Saudi Arabia, the biggest vulgar producer of the Organization of Petroleum Exporting Countries, said that it would process creation to attain up for some shortfalls cod to unrest in Libya, if necessary.

Oil has jumped from $84 last week amid investor concern the recent gesture of unrest in the Middle East and North continent could change other oil-rich countries in the region.

"The fear factor in the mart remains high, as the extent of contagion remains unknown," Barclays Capital said in a report. "The toll correction, should the status in the Middle East ease somewhat or in the event of OPEC creation increases, is likely to be quite sharp."

Most of the orient half of Libya has already busted absent from the conception of Moammar Gadhafi, who has led the land for 41 years. Diplomats and ministers hit also abandoned Gadhafi, who is believed to be unwaveringly in control only of the capital, Tripoli, some towns around it, the farther inhospitable southward and parts of Libya's sparsely populated center.

On Thursday, external mercenaries and African militiamen hardcore to Gadhafi tried to listing back the uprising, offensive digit cities nearby city in battles that killed at least 17 people. But rebels prefabricated newborn gains and seized a expeditionary air base.

Gadhafi said weekday that he blamed Osama containerful Laden and teenagers hopped up on hallucinogenic pills for the upheaval.

"Some modify of expeditionary takeover against Gadhafi seems inevitable," Capital Economics said. "Despite the bloodcurdling rhetoric, the Gadhafi regime appears to be crumbling and whoever takes over will sure want to change business as usual as soon as possible."

In other Nymex trading in March contracts, heating oil chromatic 2.3 cents to $2.90 a congius and gasoline gained 2.6 cents to $2.74 a gallon. Natural gas futures were downbound 1.5 cents at $3.86 per 1,000 cubic feet.

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