Oil prices remain volatile as turmoil in Libya continuesMarch 22, 2011 - 13:03 AMT PanARMENIAN.Net - Crude was mixed in Asian trade Tuesday, March 22, but analysts said prices remained volatile as the turmoil in Libya continued to rattle investor sentiment. New York's main contract, light sweet crude for delivery in April was up five cents to $102.38 a barrel, while Brent North Sea crude for May was down 18 cents to $114.78, AFP reports. "We still have tensions in the Middle East underpinning oil prices. Investors are expecting that Libyan oil is not returning to the markets any time soon," said Ong Yi Ling, investment analyst for Phillip Futures in Singapore. 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.
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