Libya unrest keeps oil market on edge

March 3, 2011 03:42

SYDNEY - Crude oil prices held near 2-1/2 year peaks on Thursday as worries about supply disruption persisted given ongoing unrest in Libya, but upbeat US economic news and a firmer Wall Street helped Asian stocks post modest gains.

Both US crude and Brent crude prices edged up as Libyan rebels repulsed a land and air offensive by Muammar Gaddafi's forces and the defiant leader warned foreign powers of "another Vietnam" if they intervened.

Gold, often sought in times of heightened geopolitical tensions and as an inflation hedge, traded at $1,431.85 an ounce , within striking distance of the record high of $1,440.10.

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