Oil prices rise on Libya, Middle East unrest

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LONDON, Mar 23 (AFP): World oil prices advanced Wednesday owing to escalating unrest in Libya and the Middle East, traders said as they awaited energy inventory data from the United States, the world's biggest oil consumer. Brent North Sea crude for delivery in May climbed 49 cents to $116.19 a barrel in London trade. New York's main contract, light sweet crude for May, gained 54 cents to $105.51 per barrel. "The issues of Libya and Yemen have been driving prices of crude oil up, although Yemen is a small exporter and Libya has been more significant," said John Vautrain of Purvin and Gertz energy consultancy. "The situation is probably going to last for a while," Vautrain told AFP. Air strikes against Libya by US, British and French fighters continued to press the markets after an uprising last month forced the closure of more than three-quarters of the country's crude production. Oil-rich Libya was producing 1.69 million barrels a day before the unrest, according to the International Energy Agency. It is now producing 400,000 barrels a day. Popular uprisings have already toppled the leaders of Tunisia and Egypt and are now threatening the rulers of Libya and Yemen while there have also been anti-government movements in Bahrain, Iran, Saudi Arabia, Syria and Yemen.