SINGAPORE: World oil prices stayed at multi-year highs Friday, supported by the ongoing tensions in the Arab world and the postponement of elections in Nigeria, Africa’s biggest crude producer.
New York’s benchmark West Texas Intermediate light sweet crude for May delivery rose 93 cents to $111.23 per barrel after touching its highest level in two-and-a-half years in New York Thursday.
Brent North Sea crude for May delivery gained 79 cents to $123.46.
"Current levels for crude are primarily supported by the Middle East tensions and also the Nigeria elections," said Chen Xin Yi, a commodities analyst with Barclays Capital.
"The postponement of last’s week parliamentary polls (in Nigeria) due to logistical problems does not bode well for presidential elections," Chen added.
Nigeria’s electoral agency on Thursday announced a third delay in legislative polls, due at the weekend, in some parts of the country after it failed to overcome logistical problems.
The crude market has been under pressure amid tensions in the oil-producing Middle East and North Africa region, where long-time rulers are facing uprisings similar to those that deposed the leaders of Tunisia and Egypt.
Libyan strongman Moammar Qaddafi is battling to remain in power, with rebels controlling large parts of the country.
Gulf states have also piled pressure on Yemen’s embattled President Ali Abdullah Saleh, saying they expect him to quit following more than two months of bloody protests.
On Thursday, the International Monetary Fund warned crude demand is outpacing the growth of global supplies.
"The persistent increase in oil prices over the past decade suggests that global oil markets have entered a period of increased scarcity," the IMF said in a report on the global economy.
