Oil still up9 Apr 2019 07:12
CNBC 100 ASIA IDX 8184.81 19.36 0.24
Oil prices jump amid Libyan conflict
Oil prices scaled new 2019 highs on Monday, with the international benchmark Brent crude futures contract adding 1.1 percent to settle at $71.10 per barrel. U.S. crude futures also rose 2.1 percent to settle at $64.40 per barrel.
In the afternoon of Asian trading hours on Tuesday, crude prices continued to advance as Brent rose 0.11 percent to $71.18 per barrel and U.S. crude futures gained 0.22 percent to $64.54 per barrel.
Oil stocks in Australia gained amid the rise in crude prices, as Santos jumped 3.01 percent and Beach Energy surged 3.96 percent.
The moves in oil prices came amid a recent resurgence in conflict in Libya, a key oil producer in the Organization of the Petroleum Exporting Countries.
"The main feature of what has to be said are pretty soporific global financial markets at the start of the week and ahead of some key event risk(s) on Wednesday has been a further jump in oil prices," Ray Attrill, head of foreign exchange strategy at National Australia Bank, wrote in a morning note.
"Fear of fresh supply outages from Libya are said to be responsible as 'warlord' Khalifa Haftar moves his self-styled Libyan National Army forces towards the capital Tripoli, base of the UN recognised government of PM Fayez al-Sarraj," Attrill said, citing recent reports of air strikes on the Tripoli airport.
— Reuters contributed to this report.