Oil prices rise on violence in Libya

SINGAPORE, Dec 29 (AFP): Oil prices rose in Asia Monday as fresh violence in Libya stoked concerns about possible supply disruptions, analysts said.

West Texas Intermediate for February delivery rose 46 cents to $55.19 while Brent crude for February gained 35 cents to $59.80 in late-afternoon trade.

Daniel Ang, investment analyst at Phillip Futures in Singapore, said investors are showing concern as the "armed conflict in Libya is affecting crude oil flows".

Forces loyal to Libya's internationally recognised government on Sunday carried out air strikes against Islamist militia following attacks on the country's crucial Al-Sidra oil export terminal.