<p>New York's main contract, light sweet crude for April delivery, rose four cents to USD 95.46 per barrel.<br /><br />Brent North Sea crude for delivery in April went up 22 cents to USD 106.<br /><br />"Sustained protests (in the Middle East) could inject huge amount of uncertainty in the oil market in the medium term," said Chen Xin Yi, a Singapore-based commodities analyst for Barclays Capital.<br /><br />The unrest in the key oil-producing Middle East and North African region which includes Libya, Bahrain, Yemen and Iran has stoked fears of disruption to global crude supplies, analysts said.</p>.<p>Libya, which has Africa's largest oil reserves and is the continent's fourth largest producer, is a member of the Organisation of the Petroleum Exporting Countries (OPEC), the cartel that produces about 40 per cent of global supplies.<br /><br />Libyan leader Moamer Kadhafi's pledge to crush anti-regime protesters raised the stakes in an increasing bloody fight for control of the country, a fight that could halt oil shipments.<br /><br />Speaking on the sidelines of a producer-consumer meeting in the Saudi capital Riyadh on Tuesday, Saudi Oil Minister Ali al-Naimi said OPEC was prepared to meet any shortage of supplies.<br /><br />"There is absolutely no shortage of supply now... OPEC is ready to meet any shortage in supply when it happens," Naimi said.</p>.<p>"There is concern and fear but there is no shortage," the minister reiterated in a bid to assure consumer countries that crude oil supplies are guaranteed despite sweeping unrest. </p>
<p>New York's main contract, light sweet crude for April delivery, rose four cents to USD 95.46 per barrel.<br /><br />Brent North Sea crude for delivery in April went up 22 cents to USD 106.<br /><br />"Sustained protests (in the Middle East) could inject huge amount of uncertainty in the oil market in the medium term," said Chen Xin Yi, a Singapore-based commodities analyst for Barclays Capital.<br /><br />The unrest in the key oil-producing Middle East and North African region which includes Libya, Bahrain, Yemen and Iran has stoked fears of disruption to global crude supplies, analysts said.</p>.<p>Libya, which has Africa's largest oil reserves and is the continent's fourth largest producer, is a member of the Organisation of the Petroleum Exporting Countries (OPEC), the cartel that produces about 40 per cent of global supplies.<br /><br />Libyan leader Moamer Kadhafi's pledge to crush anti-regime protesters raised the stakes in an increasing bloody fight for control of the country, a fight that could halt oil shipments.<br /><br />Speaking on the sidelines of a producer-consumer meeting in the Saudi capital Riyadh on Tuesday, Saudi Oil Minister Ali al-Naimi said OPEC was prepared to meet any shortage of supplies.<br /><br />"There is absolutely no shortage of supply now... OPEC is ready to meet any shortage in supply when it happens," Naimi said.</p>.<p>"There is concern and fear but there is no shortage," the minister reiterated in a bid to assure consumer countries that crude oil supplies are guaranteed despite sweeping unrest. </p>