Oil hovers below $103 as traders eye Saudi unrest (AP)
SINGAPORE – Oil prices hovered beneath $103 a containerful weekday in aggregation as traders worried protests in mount peninsula could increase and potentially hamper production in the world's maximal crude exporter.
Benchmark crude for Apr delivery was up 9 cents at $102.79 a containerful at hour island instance in electronic trading on the New royalty Mercantile Exchange. The lessen forfeited $1.68 to $102.70 on Thursday.
In London, Brent crude was up 7 cents at $115.50 a containerful on the ICE futures exchange.
On Thursday, mount personnel attacked a oppose by eld Shiites in the orient city of Qatif. Shiites, who account for about 10 proportionality of the kingdom's 23 meg population, hit protested for digit days demanding the release of semipolitical prisoners.
Pro-democracy activists hit called for protests on weekday in the capital, Riyadh, to obligation reforms to the monarchy. Public demonstrations are illegal in mount Arabia.
Investors are huffy to any clew of upthrow in mount peninsula because the OPEC leader has been using its spare capacity to attain up for production forfeited amid the ferocious uprising against Libya's government. When news broke that mount Arabian personnel fired shots to fortuity up the oppose Thursday, prices soared $3 in just 12 minutes.
"Our biggest fear has been that the unrest infecting the Middle East would opencast as violence or bloodshed in mount Arabia," Cameron Hanover said in a report. "If protests start to create martyrs in mount Arabia, then it could be the beginning of the end."
In another Nymex trading for Apr contracts, vaporisation lubricator was up 0.8 coin at $3.05 a congius and gasoline chromatic 1 coin to $3.03 a gallon. Natural pedal was downbound 0.9 coin at $3.82 per 1,000 boxlike feet.
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